Over the years I have used both
Pre-Qualified and Pre-Approved letters in the past when I was making overs on
homes to live in or Investment properties. Of course, now a days I am a fan of
Pre-Approved since it can speed up the buying process and being pre-approved
for an exact loan amount with a written commitment letter.
As always, I am not giving you
any Financial Advice and you should seek advice from your Professional Advisors
to see what is best for your situation. This is for entertainment only.
I know it is much easier to get
a Pre-Qualified letter when house shopping but lets explore the differences
between pre-qualified and pre-approved loans. Remember I am not Loan Expert and
that you should seek advice from a Mortgage lender for information that’s best
for you.
So, if you’re in the market to
buy a home, this episode is a must listen. Pre-qualification is typically the
first step in the home loan process. It’s an informal assessment of a borrower’s
financial situation based on their self-reported income, assets, and debts.
This information helps the lender provide a rough estimate of how much they may
be eligible to borrow.
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