Posted by Scott Stueber Is your neighborhood filled with the sounds of delivery trucks? Mine definitely is. ‘Tis the season! I’ve seen delivery trucks in my neighborhood late
PreQualified Vs PreApproved
Do you know the difference?
Their is a difference between pre-qualifying and getting pre-approved. Getting pre-qualified is the initial step in the mortgage process, and it's generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.
This is a good article that talks about the differences.
The pre-qualification letter a lender will give you is good for about 3 months. After that, you have to fill out the overall financial information again. Just in case anything has changed in 3 months. So if you are actively looking to purchase in the next 3 months, their is no harm in talking to a lender before hand. It's all about going into the home buying/selling process educated. That way you know exactly where you stand at purchasing a home and what kind of finances it will take. If you are currently trying to find a home and loosing homes to "stronger" offers, you need to go ahead and get pre-approved. We can use that to help your offer look stronger against other offers.
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