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Should You Get Pre-Approved or Pre-Qualified?
Manage episode 166652783 series 1317654
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If you're house hunting, are you better off with a pre-qualification or a pre-approval letter? One goes a lot more in-depth into your finances and shows the seller how serious you are.
When you're out shopping for homes, are you better off with a pre-qualification or pre-approval letter?
When it comes down to it, regardless of which side of the transaction you're on, you'll always be better off with a pre-approval letter. Having a pre-approval letter means that the loan officer you're working with has spent the time verifying your income and assets, has gone through a credit report, and has done an in-depth analysis to ensure you're informed as a buyer moving forward in the buying process.
Pre-approval letters show the seller that you're serious.
The pre-qualification process is not nearly as in-depth; the information is input online or over the phone without verifying whether you have the income or assets.
When you get down to it, what the pre-approval letter does is show the seller that you've put your best foot forward and have done everything you can to show them that you're able to buy the house. A pre-qualification letter just doesn't do that.
If you have any questions regarding pre-approvals, pre-qualifications, or the Twin Cities real estate market, give us a call or send us an email. We'd love to help you out.
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