Pre-Qualification is when the mortgage broker gives an opinion that you will be able to obtain home loan financing. No financial verifications are made.
Pre-Approval on the other hand, means that the loan application has been processed and verification has been done in re grads to current employment, bank account information, taxes reviewed. It takes a little longer get pre-approved but it is well worth it to know what you can and can't afford. When you are Pre-approved and you make an offer on a home you gives you the edge over other buyers who hae not started the process.
Pre-Approved buyers have a better success rate of closing the transaction quicker since the majority of the paper work has been completed.
When you are ready to buy or thinking about buying a home, contact the Hoffman Home Team and we'll help you get the process started.
Here are the eight steps for home buying process.
Here is an article from CNN Money about getting Pre-Approved in a seller's market
No comments:
Post a Comment