Pre-qualified vs Pre-approved

Before you start shopping for your new home, you need to be Prequalified or Preapproved for the loan.

Home Buyer Tip: Preapproval can speed up your final mortgage approval. If you want to get into a home quickly, you need to go through Preapproval process.

NOTE: A home loan pre-approval letter does not guarantee that you will receive financing from a bank, credit union, or mortgage company.
The mortgage can be denied after pre-approval for reasons that are common such as change of employment, negative item on credit, additional debt(s), issues with the appraisal, etc.

Why Get Prequalified?

• Your TIME and ENERGY are PRICELESS

• Your offer will be taken more seriously

• Prevents you from falling in love with a house for which you cannot qualify

• If you have credit issues, it may take time to resolve them

• Allows Lender time to use creative problem solving to determine if qualifying is possible

Pre-qualified vs Pre-approved-Contact Oleg Sedletsky REALTOR - 214.940.8149 - www.360RealEstateDFW.com - JP & Associates Realtors

If You Are Prequalified
it means that:

  • The buyer’s information has been reviewed by the loan officer
  • The buyer MAY OR MAY NOT have submitted documentation to the lender
  • The loan officer MAY OR MAY NOT have provided information to underwriting for review

A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home.

If You Are Preapproved (Credit Approval)
it means that:

  • The buyer’s information has been reviewed and approved by an underwriter
  • The buyer has submitted all loan documentation required for credit approval

A pre-approval is much more valuable because it means the lender has checked your credit and verified your documentation to approve a specific loan amount (usually for a particular period, such as 90 days).

I have a list of Lenders that I can recommend to you.

Disclosure: I’m not in any way affiliated with lenders I recommend and do not receive any referral fees or other material gains.
I’m recommending these professionals because I know how dedicated to the customers they are!

Realtor in the Dallas-Fort Worth - 214.940.8149 - Helping you to Sell or Buy Home, Investment Property, Land/Lot, Commercial or Farm/Ranch in North Texas

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Call 214-940-8149