Why A Mortgage Pre-Approval Trumps A Loan Pre-Qualification

By
Real Estate Agent with RE/MAX Stars Realty

The housing market is HOT!  Real estate listings are in short supply and the buyer demand for available homes continues to outpace the current listing inventory.  The reason I mention this is because there is a lot of buyer competition when it comes to buying a home because there are more buyers than there are sellers.  If you are serious about buying a home, here is a tip that will give you an advantage over other competing buyers.  

Don't mess around with a home loan pre-qualification... skip that step and get  a pre-approval.  Put yourself in the position of the seller for a moment.  If you received 3 offers on your home and all of the offers are similar in price and terms, 2 of the offers are from buyers who are only pre-qualifed and none of their income, employment, account balances have been verified.  However, one of the buyers has  already obtained their loan Pre-Approved and they are ready to go.  If you are the seller, which offer would you accept?

When it comes to selling my personal house, I know which offer I would accept and it would be the buyer who took their time to get pre-approved for their loan.  Getting pre-approved takes the guesswork out of the equation for the seller.  Most sellers want to sign a contract with a buyer who has the highest probability of producing a successful sale.  This is why a mortgage pre-approval trumps a pre-qualification!!!

If you have would love to purchase a home in Knox County Ohio in 2022, check out this specialized real estate listing link that contains an extensive list of available homes complete with photos and listing details of homes for sale in Knox County Ohio.   

Thanks for watching!

The Sam Miller Team of REMAX Stars Realty

710 South Main Street

Mount Vernon, Ohio 43050

740-397-7800 office

SamMillerSells.com

Comments (1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sam, there is definitely a difference, and much better to be pre-approved, great post.

Dec 04, 2021 07:54 AM
Sam Miller

Thanks Joan!  I agree that the there is a difference between pre-qulification and pre-approval - Sam 

Dec 04, 2021 11:37 AM