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Angela Menchaca's Blog

By Angela Menchaca | Agent in 77386

Pre-approval vs Pre-Qualification

Thinking about purchasing a home and not sure where to start?

Here are a few items to consider first.

  1. When do I want to move?
  2. What area do I want to live in?
  3. How much money can I spend?
  4. How do I buy a home?

As a licensed real estate agent in Texas,  I would recommend finding an agent that really knows the area you are interested in moving to and one with good communication skills.

The next step would be to obtain pre-approval or pre-qualification from a lender.  If you don’t know
a lender, your agent should be able to provide multiple recommendations for you to choose from.

In some cases you can get pre-qualified in a matter of hours electronically.  A pre-qualified letter states the amount you are pre-qualified for on a loan, based on information you provide, such as, salary, current debt, etc.  The information on the pre-qualification application is not verified by the financial institution.

Getting pre-approved takes longer because the financial information you provide is independently verified and more information is required.

Having a pre-approval letter to submit with an offer can make your offer more appealing to
the seller.

If I can assist you with Selling or Buying a home, let me know.

Angela Menchaca
281-734-4688
email:  angelamenchaca@kwrealty.com
web:  angelamenchaca.kwrealty.com
Keller Williams - The Woodlands Texas
1401 Lake Woodlands Dr, The Woodlands TX 77380

Comments

By Helen Oliveri,  Sun Sep 23 2012, 14:59
Great blog!
By Brian Walsh Buyer's Agent,  Mon Sep 24 2012, 07:18
Great post for potential buyers, they really do need to be educated by their Realtor especially first time home buyers...
By Mark Acantilado,  Wed Sep 26 2012, 02:07
Having "pre-qualified" and "pre-approved" to be clearly defined to buyers would be a great deal in establishing trust and confidence to them as well as clearly educating them about such differences.

Thanks,
Mark T

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