PreQual vs PreApproval
Published | Written by Chris Faucher
Now, many people ask about pre-approvals or pre-qualifications - and most of the time people don’t know if there’s a difference. But you know what? There’s a big difference!
For a pre-qualification – we look at your credit and take a look at some of the basics. While that’s an important first step, it’s nowhere near as powerful as a pre-approval. A pre-approval is where we dive in a little bit deeper and check your income, check your assets, and make sure that you can actually purchase a home.
When you go to visit a seller with a pre-approval, you may be able to save thousands of dollars. This is because that seller will now have more confidence in your offer, over someone else’s. Also, you may even be able to negotiate a better price for yourself!
This is important in a tight, competitive market. So next time, take a look at getting that pre-approval!
If you have any questions, please contact me. Look forward to seeing you soon.
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