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Getting pre-approved instead of just qualified is highly recommended

By
Real Estate Agent with Coldwell Banker Realty/Coldwell Banker Commercial NRT 30SA0872839 

Getting pre-approved instead of just pre-qualified is highly recommended for buyers because it shows sellers that you are a serious and qualified buyer. Pre-approval involves a more in-depth financial review, including verification of income, assets, and credit history. This gives you a more accurate idea of how much you can afford to spend on a property and strengthens your offer when competing with other offers that are just pre-qualified buyers. This gives you a stronger position in the homebuying process and a clear idea of how much can afford to spend. And can give you an advantage in a competitive real estate market in the eyes of sellers. Pre-approval also shows that you are ready and able to make an offer on a property, which can give you an advantage in a competitive market. In contrast, pre-qualification is a more basic assessment of your finances and does not carry the same weight as pre-approval when it comes to making offers on properties. Overall, getting pre-approved will give you a stronger footing in the home buying process and increase your chances of securing your dream property. 

Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

I used to use a lender who would not run credit when the buyer told him their credit "was good".   Key phrase, "used to".   

Apr 23, 2024 07:34 AM
Thomas Santore Lic Associate Real Estate Broker

Yes! Smart Move!!

Apr 23, 2024 07:38 AM
Roy Kelley
Retired - Gaithersburg, MD

This is very good advice to share with prospective mortgage borrowers.

Apr 23, 2024 07:41 AM
Thomas Santore Lic Associate Real Estate Broker

Thank you I try!!

Apr 23, 2024 07:55 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Thomas and great information to share with us here in the Rain.  Hope you are having a great day!

Apr 23, 2024 10:47 AM
Thomas Santore Lic Associate Real Estate Broker

Yes I am and you?

Apr 23, 2024 10:49 AM