Pre-Approval vs Pre-Qualification

Introduction:

Why do you need approval rather than just a pre-qualification? Hi, my name is Jessica Tweedy with realm real estate and I’ll tell you this: It can end up costing you thousands of dollars if you truly aren’t qualified.

I’ve helped save so many buyers from making huge mistakes when purchasing that could cost thousands of dollars!

A pre-qualification 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 of the necessary documentation to tell them what they are approved for, which loan product is the best option for them, and give the buyer a better idea of the interest rate.

You want to go through the entire approval process. The lender has done things like verified your employment, seen your taxes, looked at your bank statements and they’ve truly verified everything you will need in order to let you know how much they’ll loan you and what your payment will be.

It’s essential that you do this, otherwise you could stand to lose your earnest money deposit and any other money that you’ve spent on things like inspections or the appraisal.

So don’t make that mistake! Call me and I’ll walk you through the safest and most strategic way to become a homeowner- and don’t forget--the seller pays the agent commissions for the seller AND buyers side- not you! However, I am still here to protect YOUR best interest.

Check out this youtube video for more information!