Forget Pre-Qualified; Get Pre-Approved Before You Shop
Overview
What’s the difference between a pre-approval and a pre-qualification? Should you care? Yes!
Confused about what getting pre-qualified or pre-approved means? You’re not the only one. There’s a big difference between a mortgage pre-qualification, a pre-approval and an actual mortgage approval.
Getting Pre-Qualified for a Mortgage
Getting pre-qualified for a mortgage helps give you an idea of how much you might qualify to borrow. But since you have not actually applied for a loan, and the lender only has your word on your credit, income, assets and liabilities, a home loan or mortgage amount is not guaranteed. With a pre-qualification, no information has been verified. If you receive a letter from the lender, it may only state that you are likely to be approved for a mortgage.
A Better Solution
While it’s helpful to be pre-qualified for a home loan, it doesn’t always guarantee you’ll be approved for a loan. Our pre-approved mortgage is based on your real credit score, and really puts real estate agents and home sellers at ease. At the same time, you’re in control when making an offer to a seller. They’ll know you’re a serious buyer who’s ready and able to make a deal.
If you would like to learn more about the getting approved for a home loan, call us at (888) 724-7402 and talk to a Canto Team Home Loan Expert today.
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With 11 years in the lending industry, Ted is proficient in structuring the client’s loan to ensure that the client obtains the best financing. He has become a recognized leader in real estate education and hosts real estate seminars for his clients and the business communities in the Southwest. His attention to the details and in-depth knowledge of the loan process ensures that you are getting the best service possible.
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