Home Buying Tips | Preapproved VS Prequalified

Home Buying Tips | Preapproved VS Prequalified

If you are buying a house right now, you may be wondering what the difference is between being preapproved and prequalified for a mortgage. In this video, I’ll explain one key difference that will help you get the home you truly want.

Everybody can be online and get a pre-qualification letter from a lender, but not everybody can get pre-approved.

Pre-approved means that you have actually been approved for the loan. The lender has looked at your financial situation and has decided that you are a good candidate for the loan. They have also given you a letter that states how much money you are approved to borrow.

when you get a pre-approval, the lender relies on the information you provided them. They have not looked at your financial situation in-depth to verify that everything is accurate.

When you get pre-qualified, the lender gives you an estimate of how much money you may be able to borrow based on the information you provide them. They have not looked at your financial situation in-depth to verify that everything is accurate.

This is very important especially in a seller's market because you need to have a leg up on the competition.

So if you're ready to go into the market to search for a new home, talk to your lender to get pre-qualified or pre-approved for a mortgage. It could make all the difference in getting the home you want.

I hope you got something out of this video. if you have any questions, feel free to leave them in the comments below. thanks for watching!

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