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The Difference Between Pre-Approval and Pre-Qualification
Manage episode 186965061 series 1338395
Innhold levert av Nate Martinez. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av Nate Martinez eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.
How well do you understand the difference between pre-approval and pre-qualification?
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Do you know the difference between being pre-approved and pre-qualified?
It’s actually more simple than you might think.
When it comes to pre-qualification, nothing has been truly verified. All it means is that you, the buyer, have spoken with a lender about your finances.
It’s actually more simple than you might think.
When it comes to pre-qualification, nothing has been truly verified. All it means is that you, the buyer, have spoken with a lender about your finances.
With a pre-approval, everything is taken care of.
Things like income and debt will have been discussed at this point, and the lender will issue a pre-qualification.
A pre-approval, however, is quite a bit more involved. When you are pre-qualified, credit and financial documentation has actually been pulled and looked into.
At this point, the buyer’s done a full-blown credit report and have had their income verified. With a pre-approval, everything is taken care of and there’s no guesswork. If you have any questions about the difference between these two processes or you're thinking of buying or selling a home in our market, don't hesitate to reach out to me. I'd be glad to help.
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