Well, what if I get pre-qualified?
A pre-qualification is not the same as a pre-approval, and the strength of your offer with a pre-approval will significantly increase vs. one with a pre-qualification. Why, you ask?
Generally speaking, a pre-qualification involves the lender running a buyer's credit, and having a conversation about income, debts, and down payment. These items are not verified at that time.
A pre-approval involves the lender verifying said assets, down payment, checking W-2s or other income statements, reviewing tax returns, and verifying employment, in addition to checking the buyer's credit.
So long story short -- which do you think is stronger....? Yup, I thought so. The seller will too. :)
Caroline Choi Real Estate
Caroline Sells The City LA