Are you Pre-Approved or just Pre-Qualified?

Today, I want to share some information about pre-approval and pre-qualification that a lender may give you.

Pre-qualification just says that based on what you've told the lender and your credit score and maybe they pulled your credit history, they will loan you an amount of money to purchase a property.  But beware, the small print will say, and I quote from a letter received by a customer, "Pre-qualification is neither a pre-approval nor a committment to lend."  In fact they repeat "This is not a committment to lend"

Pre-approval is the bank agreeing to give you a loan to purchase a property up to an amount they specify.  They do have conditions, i.e. the property must appraise and there must be verification of funds available to close and verification of employment.

The first step in the home-buying process is to find out what you can afford.  Call me today if you are ready and I can give you the name of several lenders, so you can get started on you way to home ownership.

You can reach me at 620-338-7474.  Have a Super Weekend!