Pre-Qualified vs. Pre-Approved
Posted by Paul Caparas on Wednesday, February 3rd, 2010 at 2:55am.
This will be a quick blog but I wanted to tell a brief difference of being Pre-Qualified and Pre-Approved. Basically being Pre-Qualified means the buyer told the Loan Officer his/her financial situation (debts, assets, income and down payment) without providing the documents which usually happens over the phone or internet. To get Pre-Approved, the buyer provided all those necessary documents, completes the Loan application and the Loan Officer runs a credit check. And that is the major difference. Pre-Approved, verified financial situation. Pre-Qualified, nothing verified.
Why should a buyer get Pre-Approved and not just Pre-Qualified? When a buyer makes an offer, the seller will take the buyer more seriously if he/she is Pre Approved because it is almost like a cash offer.
If you need assistance on getting Pre-Approved, I can point you to the right direction. Let me know if you have any questions.
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Paul, This is a great note and very important for buyers and potential buyers to understand. I appreciate reading informative and factual information from local San Diego Realtors who seek to inform their audience. If you ever find yourself in needing a Spanish Bilingual Loan Office to assist you with any Pre Approvals, Open Houses and/or Marketing, I'm always willing to explore new business relationships. Have a great day!
Posted on Monday, February 8th, 2010 at 1:46 PM.