When searching for a home, you can get pre-approved or pre-qualified for a home loan. They sound similar, but there are some important differences between these two options.
Want to sell your home? Get a FREE home value report.
Want to sell your home? Get a FREE home value report.
Want to buy a home? Search all homes for sale.
When you seek a home loan, there are some significant differences between being pre-qualified and being pre-approved.
The Pierce County market is on fire and you have to move quickly to buy a property due to all the bidding wars. That's why I can't stress the importance of getting pre-approved at the highest level enough. It will allow you to come to a seller with a stronger offer.
Being pre-qualified basically constitutes calling a lender to tell them your general income, what you think your credit score is, and what your debts are. They'll give you a rough idea of what they'll loan you, but in my opinion, it's not really worth anything.
Offering to close in just 21 days can really give your offer an edge.
Being pre-approved is a different story. It constitutes providing your bank statements, a real credit check, and the lender making sure that there won't be any roadblocks for you in the lending process.
There are even some lenders out there who can take the pre-approval process all the way up to only having to wait on an appraisal. That process can typically be a 21-day process. If you can offer to close within 21 days, it will give your offer an edge and give the seller comfort in knowing you've taken the extra step to get pre-approved.
If you need a recommendation for a great local lender, we'd be more than happy to provide that for you. Unfortunately, there are far too many lenders out there who aren't reliable and don't do the things they say they'll do.
If you have any other questions about real estate here in Pierce County, you can always give me a call or send me an email. I'm here to help.
No comments :
Post a Comment