Your Purchasing Power

Pre-qualification the beginning step - an estimate of how much financing you *might be* eligible for.

Pre-approved give you power. Sellers wont have the worry that their potential buyer wont be able to acquire financing. When time is of the essence and a seller need to close the deal right away you become very very attractive..

Pre-Qualification and Pre-Approved are sources of confusion for many. There are distinct differences.

 

Pre-Qualification

      ►preliminary data of your income, debts and assets

      ►A credit report may be reviewed

      ►Must apply for loan

      ►No Fee

 

Pre-Approved

      ►Documentation of debts, assets and income provided

      ►Loan application submitted

      ►Info provided verified by Loan underwriter   

      ►Once you find a property and the purchase agreement    is         executed the loan process has already been completed..

      ►Earnest money required..

      ►Loan approved pending Appraisal