What Is The Difference Between Pre-Qualification vs. Pre-Approval

Pre-qualification and pre-approval are two of the most important steps you can take towards owning a new home. Obtaining both pre-qualification and pre-approval allows you to begin searching for a new home with your potential loan established and accepted in advance.   

Click here  to get Pre-Approved

Pre-Qualification

Pre-qualification is the first step to securing financing. During this process, we will determine the best loan options for your financial situation. Pre-qualification is quick and involves answering only a few questions about your income, existing debt and accumulated savings. It is also important that we discuss your long-term financial objectives. With so many loan options available, we want to select the one that meets your goals. With this information and your consent, I can access your credit report and begin to determine which loans are the best candidates for your current financial situation and long-term objectives.  Click here  to get Pre-Approved

Pre-Approval

Pre-approval occurs immediately after we determine which loan program would fit you best. This is written documentation showing that a lender will fully support and endorse you for a loan amount established by the underwriter. To set that limit, we submit a form 1003 Uniform Residential Loan Application containing the information you supplied during the pre-qualification process.  Click here  to get Pre-Approved

With a pre-approval in hand, you can shop as a cash buyer! This gives you strong negotiating power because the seller will take your offer more seriously. A lender’s pre-approval will often convince the sellers to accept a lower offer for the home because they know the financing is in place and the deal is safe.

Secure your pre-qualification and pre-approval today and start shopping for your new home. If you have any questions, please contact me at 843-834-5251 or timothy.loss@phmloans.com.  Click here  to get Pre-Approved



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