PreQualification vs PreApproval | What is More Important

By
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.

 

Comments (6)

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
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
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
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
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

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