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
863-521-4517
Unforgettable Service | Undeniable Results