What’s the difference between being pre-qualified and pre-approved
The difference between being pre-qualified and pre-approved is simple:
If you're pre-qualified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information given was accurate and true. If you are pre-approved, it means that you have undergone the extensive financial background check - which includes looking at your credit history, previous tax returns, and verifying your employment - and the lender is willing to give you a loan. You're APPROVED! So, they give you a letter that states such and it is valid for approximately 60 days thereafter. Most sellers prefer buyers that have been pre-approved because they know that there will not be any problems with the purchase of their home.
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Tawana Bourne, SRS, SFR, RESE
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Berkshire Hathaway HomeServices NEP
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