What’s the difference between being pre-qualified and pre-approved?
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.
Go here to request to speak with a mortgage loan officer about pre-approval qualifications: http://bit.ly/2U9rwMz
Submit questions here: http://bit.ly/2pT8XP3
Tawana Bourne | 860.834.1220 | RealtorTawanaBourne@gmail.com
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