Pre-Qualified vs pre-approval
What's the difference?
Getting pre-approved or pre-qualified is a great way to show sellers you're serious about buying a home. If you're looking in a competitive market, it can really help you stand out. It's important to understand the difference between the two.
Pre-qualified
A home loan pre-qualification is something we can help you with or you can do yourself. It provides a good indication of what homes for which you can qualify. This is only a preliminary step in obtaining a loan. None of the information you provide to a potential lender is verified. It is an opinion of what you may be eligible to borrow and is not substantiated. This is where pre-approval comes into play.
Pre-approval
Pre-approval tells sellers and agents that you're really serious about buying a home. To obtain a home loan pre-approval, we at Southeast Lending Group will verify all the information you included on your application. Up front, this lets you know what's affordable for you. It also shows sellers that financing should not be a problem for you. Pre-approvals may speed up the home-purchasing process or place your name at the top of the list if the house has multiple bids!
Once you have specified a property, we can then initiate the final steps and lock in a rate.
To quickly find your loan qualifications … call 941 927-6518