Boca Mortgage Blog

Pre-Approval Versus Pre-qualification

June 24th, 2014 3:36 PM by Leonard Silvestri

                 

 When you are shopping for a new home, the real estate agent you are working with should require that you have a pre-approval. A pre-approval is not the same thing as being pre-qualified, and your agent will make you aware of this. Sellers want to see a pre-qualification before proceeding, because they want to be certain that the loan won’t fall through. Read below for information on the difference between these two.

Before the Great Recession, mortgage approvals were like ice cream flavors at Baskin-Robbins – numerous and easy to get. But in the last five years mortgage lenders have significantly restricted their offerings, and borrowers need to be prepared for the tougher requirements or risk being turned down by banks and other lenders.

Posted in:General
Posted by Leonard Silvestri on June 24th, 2014 3:36 PM

Archives:

My Favorite Blogs:

Sites That Link to This Blog: