David Shippey

Pre-Approve NOT Pre-Qualify!

Posted By David Shippey @ Jan 18th 2023 10:20am In: Buyer Tips

Pre-Approve NOT Pre-Qualify!

What is the difference between being pre-approved and pre-qualified? Quite a bit actually!

Pre-qualified means the lender checked your credit scores and asked how much income you make each year.

Pre-approved means the lender looked at your credit scores, pay stubs, funds available, bank statements, income tax returns, w2 or 1099, investments, debt/income ratio, and verified employment!

In short, being pre-approved ensures your approval for financing is strong and less likely to fall through before closing.

Not sure which lender to choose for the pre-approval process? Ask your Realtor! He/She will be happy to give you a recommendation.

Did today's tips spark a question? Think I might be the right Realtor for you? Give me a call and let's talk!

David Shippey - Xcellence Realty
Unforgettable Service | Undeniable Results

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