Why Do Many Buyers Get Pre-qualified for a Loan?

Updated: May 20

The Benefits of Pre-Approval

Pre-approval, as opposed to Pre-qualification, signifies that the loan application has been taken through a rigorous procedure.

Here’s why Pre-approved buyers are ahead in the home buying game:

  • If you make an offer on a home and then apply for a loan, you are at the lender’s mercy, who is aware that you do not have time to shop around.

  • Pre-approval saves time spent looking at houses you can’t afford.

  • A Pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.

  • Pre-approved buyers can generally close escrow more quickly, since most of the work has already been done.

Real estate financing is available from many sources, an experienced real estate professional will be able to suggest lenders with a history of offering excellent mortgage products and services.

If you have questions on Pre-qualified or any part of the home buying process please, Don’t hesitate to Contact Me!

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