Approval vs. Pre-qual

Why do you need an approval rather than just a prequalification? It can end up costing you thousands of dollars if you truly aren’t qualified. We’ve helped save hundreds of buyers from making huge mistakes when purchasing that could cost thousands of dollars. A prequalification is not a true approval. It’s the initial step in the home loan process where you just discuss your financial situation with the loan officer, but nothing is verified.

The approval is where the buyer actually provides the lender with all the necessary documentation to tell them what they are approved for, which loan product is the best option for them, and they know exactly what the interest rate will be. You and your money is protected when you go through the entire approval process. The lender has done everything like verified your employment, seeing the taxes, look at your bank statements. They verified everything that they need to in order to truly qualify you.

Better yet, you also know exactly what your monthly payments will be and what your interest rates going to be. There’s no surprises. It’s essential that you do this. Otherwise, you could stand to lose your initial deposit and any money that you’ve spent on things like inspections or the appraisal. Don’t fall into this trap. Call us and let us walk you through the fastest and most strategic way to becoming a homeowner. And don’t forget, it’s free to use our agency to help you. We represent you, and the seller actually pays for our fees, and you are protected.

 

-Krista Mashore,

Owner and Broker – Homes by Krista

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