PreQualification vs PreApproval | What is More Important

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Real Estate Technology with Imagine WOW! Digital Marketing Agency

Prequalification vs. Preapproval 

Do you know the difference between Prequalification and PreApproval?  Both of these terms are thrown around quite a lot in the mortgage industry, but understanding what differentiates the two is extremely important.

Pre-qualification is a very basic analysis of income, assets and credit.  It can typically be done over the phone in a matter of minutes. 

Pre-approval on the other hand takes the basic background check one step further. 

Understand why prequalification just isn't good enough before you write an offer on a home only to find that that the lender did not verify all of the up-front documentation that should have been asked for prior to making an offer.

 

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Topic:
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Colorado El Paso County Colorado Springs
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Tags:
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why get prequalified
prequalification vs preapproval what is more important to homebuyers

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Rainer
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David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

Great information that every prospective home buyer should know. Thanks for the post.

Jul 31, 2011 12:22 PM #1
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Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

You are doing a great job on your videos, Ms. Rebekah.  VERY interesting!

Jul 31, 2011 12:38 PM #2
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Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Rebekah, you do such a great job with your tutorials!  And what better subject than this! Well done.
Pamela

Jul 31, 2011 03:19 PM #3
Rainmaker
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Hrisco & Associates
Hrisco & Associates - Roanoke, TX
Roanoke Homes for Sale - Roanoke Neighborhoods

Hi Rebekah, great Video, going to reblog your last several post, it's just been a rough week...but will get to them...

Jul 31, 2011 10:36 PM #4
Rainer
111,664
John Saari
Worcester, MA
"The Mortgage Buddy"

Great job with this post. I think this is a great idea to help prospective home buyers. You inspired me to start a video library for my clients.

Jul 31, 2011 11:05 PM #5
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Rebekah Radice

Social Media Marketing, Coaching & Training
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