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Is It Better To Be Pre-Approved or Pre-Qualified?
Dated: November 30 2022
Views: 69
A new survey of home sellers found that 86 percent preferred a buyer who is pre-approved for a mortgage over one who's pre-qualified. That's the overwhelming majority and a clear indication that home shoppers should get pre-approved for a loan before proceeding on their house hunt. But what's the difference anyway?
Well, pre-approval requires a more thorough check of your finances than pre-qualification. That means you'll need documentation confirming your income, assets, debts, etc. It also includes a credit check. In other words, it's a more detailed look at your financial situation and gives home sellers confidence that you'll be able to close on time and without issue.
That's why the overwhelming majority of those surveyed chose a pre-approved buyer over a pre-qualified one. The benefit for buyers is that pro-approval allows them to put in a firmer, faster offer when they find a home that fits their needs and lifestyle.
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Michael Downer
Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....
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