This series of Blog posts is designed for the savvy new Buyer looking to become educated on purchasing a home. It is typically the largest purchase you will ever make so information is power!
Pre-qualification vs. Pre-Approval
What is the difference between pre-qualification and pre-approval? There IS a difference! It could be mean getting the financing on your new home or not getting it at all ending in disappointment and wasted time.
When a pre qualification is completed from your lender, many times the Buyers feel confident in going out to shop for a new home. In this case, the lender will give you ONLY a quick overview of your qualification level for your home based on a simple calculation. That can be done in minutes. This is really just meant for information purposes and cannot be relied upon for purchasing a home.
A pre-approval is different in that your Lender will go deep into your financial history and provide you with a full approval that you can rely on. It involves more extensive information provided to your lender and makes your offer much more attractive to Sellers. Please remember, DO NOT go out and buy big-ticket items such as a car or new appliances after you have obtained your pre approval. This will change the financial picture for your lender and may jeopardize your financing for your new home.
If you need a recommendation to get started on a pre-approval, I can provide many different options for you.
When purchasing a home, there are a lot of things to know which can be very overwhelming if it is your first time, or you have not purchased in awhile, or you do not do it everyday! I can make myself available if you have any questions about the process. Call or email me anytime at 613.285.4214 or firstname.lastname@example.org
Looking forward to meeting you!
Tanya has 6 years of experience working with Buyers and Sellers in Carleton Place, Perth, Smiths Falls and surrounding areas. She has obtained her ABR (Accredited Buyer Representation) Designation with REBAC giving her Buyers an educated and professional experience as well as strong negotiating skills, keeping more money in your pocket.