Most real estate buyers have heard that they need to pre-qualify or be pre-approved for a mortgage if they’re looking to buy a property. These are two key steps in the mortgage application process.
While some people use the terms interchangeably, there are important differences that every homebuyer should understand.
✅ Both pre-qualification and pre-approval provide borrowers with an estimation of how much home they can afford.
✅ However, pre-approval is a more official step that requires the lender to verify your financial information and credit history.
✅ This means a pre-approval is a stronger sign of what you can afford and adds more credibility to your offer than a pre-qualification.
It is always a good idea to reach out and check with your lender to be sure. Ask us if you need recommendations for a lender as well. 😀
If you have questions about the process or want to start your home selling or buying journey, we would love to opportunity to talk with you!
Give us a call or email us today to learn more!
.
.
.
#gilegroup #homebuyingtips #prequalify #prequalification #preapproved #preapproval #pdxnow #portlandliving #portlandrealtor #realestateagent #buyingahome #firsttimehomebuyer #firsttimebuyer #homebuyertips
Ещё видео!