Pre-approval vs pre-qualified - what's the difference? What does pre-approval mean with mortgage loans? What does pre-qualified mean with mortgage loans?
🏠📝✅ Join our exam prep and real estate crash course: [ Ссылка ]

When a homebuyer finds their dream home, chances are they will need to withdraw a mortgage loan. Buying a house is most likely the biggest purchase someone will make in their lives. Because home prices are so high, the bank offers mortgage loans to prospective homebuyers that they can take out when they're ready to invest in their forever home.

Before they take out the loan, they can be placed into two categories: pre-qualified for a home loan or pre-approved for a home loan. These two categories are different and mean two different things.

Pre-approval will guarantee a specific loan amount for the home buyer. Whereas pre-qualified means the home buyer fits the criteria for an estimated amount of money. That's the big difference. As Robert Rico says, "the difference is verification."

As a real estate agent, it is up to you to facilitate this meeting between your homebuyer and the loan lender. As Robert calls it, the buyer's triangle. This is the "planning room" where the buyer meets with the lender to determine how much they can get a loan for. To make this happen, they rely on you.

CHAPTERS:
00:00 - Introduction
01:16 - Finding a Lender
01:53 - The Buyer's Triangle
02:50 - What is a Pre-Approval Letter?
05:11 - What is a Pre-Qualified Letter?
07:46 - Final Thoughts

свернуть