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Pre-Approval:
Is a guaranteed
approval from a Lender with Pre-Approved conditions, including Appraisal
Value and Earnings, Income and Asset evaluation of the Buyer. It is in writing
and is best to submit with your purchase offer. Buyers that attempt to make
Purchase Offers without proper Pre-Approval are not taken seriously in the
purchase process. It is best for a buyer to obtain Official Pre-Approval
before they attempt to Search for a Property to Purchase.
Pre-Qualification:
Is
a Loan Officer saying (even in writing) that you are qualified to purchase
a particular home at the property address for a certain amount. It is no
guarantee of future funding, and experienced agents don't accept them (with
your offer) as a qualifying factor.
When shopping for a Home - You want to secure your purchase with an acceptable offer - especially if you find the perfect home for your family.