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Are You Pre-Qualified,Pre-Approved Or Approved For A Real Estate Mortgage?

By
Real Estate Agent with RE/MAX Alliance Group

One of the more frustrating aspects of buying real estate is qualifying for a mortgage that will allow you to buy the home of your dreams. Lenders use terms to describe your loan status that may be confusing.

For example, what is the difference between being pre-qualified, pre-approved or approved for a mortgage on your Lakewood Ranch real estate?

· Pre-Qualified - This just means that the lender may approve you for a loan if everything checks out. Pre-qualification is based solely on information you give the lender about your income and debts. This is no guarantee that you will get a loan. 

· Pre-Approved - Once your lender pulls your credit report, they can give you an idea of what kind of loan you may get. When you're pre-approved, you still have no guarantee that you will get a loan, but you have a better idea of your price range. Sellers like working with people who are pre-approved because it shows that their credit has been verified, and they are more likely to qualify for a loan.

· Approved - When you are approved for a loan, your financial records have been verified, and the lender can say for sure how much they are willing to lend you for a particular home. You can be approved for a mortgage only after the lender has approved both you and the home. Once you have approval, you can move forward with the purchase.

For more information about the mortgage approval process for purchasing Lakewood Ranch real estate, call Ellen Ferber Evans today at 941-773-6907 or Alan Evans 941-773-6906 or email us at aevans15@tampabay.rr.com.

Links:

Our Website: http://www.lakewoodranchareahomes.com

http://www.ehow.com/how_5399_prequalified-home-loan.html

Pre-approved

http://www.smartmoney.com/personal-finance/real-estate/7-tips-for-getting-a-preapproved-mortgage/

Approved

http://www.ehow.com/how_4602244_approved-home-loan.html

 

Are You Looking For A Home?Call Ellen Ferber Evans at 941-773-6907 or Alan Evans at 941-773-6906,Your Lakewood Ranch AREA Specialists,RE/MAX Alliance Group,5411 University Pkwy,Sarasota,FL 34202

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