Mortgage preapproval versus mortgage prequalification - What it Means For Home Sellers and Home Buyers - Mike In Boca - Florida

 

December 20, 2022

Mortgage Pre-Approval or Pre-Qualification?

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I recently received an offer to present to one of my home seller customers with a pre-qualification letter attached from the buyer. 

Generally, there are two types of mortgage letters : pre-approval letter and pre-qualification letter.

It is important whether you are selling your home or purchasing a home to know the difference. 

Having the right real estate professional who can properly guide you through the sale of one of your biggest assets, to ensure you are getting the most out of your sale is of the utmost importance. 

In an article on Zillow.com called, “Pre-Qualification Versus Pre-Approved : What’s the Difference?.” the two types are described as follows : “ A mortgage pre-qualification is usually a much shorter process that requires you to honestly report your own financial information, while a mortgage pre-approval typically requires you to submit more documentation like W-2s to verify your financials — making it a lengthier process.”

Being able to properly assess a home buyer’s wherewithal to purchase your home is a very important part of the process to determine whether to accept, reject or make an appropriate counter-offer.

For a home buyer you would need to understand how much a lender will lend to you and what your down payment will be in order to set your budget for your new home. 

All of these issues are very important in order to help get the home transaction completed with the least amount of headaches for both home seller and home buyer. 

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Michael Friedman

Realtor, Broker-Associate

eXp Realty


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Comments

  1. James ZicrovJuly 1, 2023 at 5:24 AM

    Thanks a million for sharing this post on the best mortgage rates. It's exactly what I needed to navigate the complex world of home financing.

    ReplyDelete

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