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Pre-Qualification versus Pre-Approval

By Manny Alfelor / Loan Officer

Mortgage and Lending with PrimeLending NMLS 545192

November 25, 2013 01:21 PM

Pre-qualification vs. Pre-approval

       Identify your property price range,
        and strengthen your bargaining
        power by understanding the
        difference between these two
        buyer tools.

'How do I know what price range to look in,' and 'how do I make sure my offer is accepted?'
These are two of the most commonly asked questions from first-time and experienced homebuyers alike.

Some lenders offer pre-qualifications and some offer pre-approvals. Here's the difference:

	Pre-Qualification		Pre-Approval
	Provides a 'ballpark' estimate of your buying power.		Provides proof to real estate agents and sellers you're pre-approved for a specific loan amount.
	Is based on summary information of your income and assets.		Is based on verification of your income, credit and assets.
	Requires a satisfactory review of property, financial documents and program requirements to issue final approval.		Requires a satisfactory appraisal and title review. No change in financial condition for final approval.
	Is offered by most lenders.		I offer this service at no cost before you find a home.

One of the best places to start is by getting pre-approved by a lender upfront in the process.
Not only does it give you peace of mind knowing your price range is already pre-approved by the lender,
but strengthens your position at the negotiating table, especially in a multiple offer situation.

To get pre-approved call today!

LOPhoto

Manny Alfelor

Mortgage Banker

NMLS #545192

Mobile	619-972-3209
Direct	619-610-9873
Fax	760-692-3998

Manny.Alfelor@BluFi.net

www.BluFi.com/MannyAlfelor

BluFi Lending

9909 Mira Mesa Blvd Suite 160

San Diego CA 92131

Loans will be arranged or made pursuant to Department of Business Oversight California Finance Lenders Law. License #603H302. CORP NMLS #279622. Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend.

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