Get Pre-Approved!

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Real Estate

Pre-Approved vs. Pre-Qualification

Get Pre-Approved!!!

Pre-approval, as opposed to pre-qualification, signifies that the loan application has been taken through a rigorous procedure. Here's why pre-approved buyers are ahead in the home buying game:

1.  If you make an offer on a home and then apply for a loan, you are at the lender’s mercy, who is aware that you do not have time to shop around.

2.  Pre-approval saves time spent looking at houses you can’t afford.  With pre-approval, you already know what your max budget is. 

3.  Multiple offers - a pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.

4.  Lastly, pre-approved buyers can generally close escrow more quickly, since most of the work has already been done.

So if you're in the market for a home, get that Pre-Approval now!