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The Difference Between Pre-Approval and Pre-Qualification
Manage episode 186965061 series 1338395
Nate Martinez द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Nate Martinez या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।
How well do you understand the difference between pre-approval and pre-qualification?
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Do you know the difference between being pre-approved and pre-qualified?
It’s actually more simple than you might think.
When it comes to pre-qualification, nothing has been truly verified. All it means is that you, the buyer, have spoken with a lender about your finances.
It’s actually more simple than you might think.
When it comes to pre-qualification, nothing has been truly verified. All it means is that you, the buyer, have spoken with a lender about your finances.
With a pre-approval, everything is taken care of.
Things like income and debt will have been discussed at this point, and the lender will issue a pre-qualification.
A pre-approval, however, is quite a bit more involved. When you are pre-qualified, credit and financial documentation has actually been pulled and looked into.
At this point, the buyer’s done a full-blown credit report and have had their income verified. With a pre-approval, everything is taken care of and there’s no guesswork. If you have any questions about the difference between these two processes or you're thinking of buying or selling a home in our market, don't hesitate to reach out to me. I'd be glad to help.
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