Here’s why you need to get pre-approved instead of pre-qualified.
When buying a home, there’s a big difference between a pre-approval and a pre-qualification. A pre-approval is a fully underwritten approval from a lender, and in this market, it’s critical to have one. Here are the three reasons why:
1. Certainty for yourself. If you have a pre-approval, it’s almost a guarantee you’ll get the house you want at the price you want without having to go through further loan documentation.
2. Certainty for the seller. When you provide a pre-approval instead of a pre-qualification, the seller knows you’ve been underwritten, the letter has collected all your documentation, and you’re good to go to buy.
3. You have less work to do. When you apply for a loan, a lot of documentation needs to be submitted, and you have to do a lot of work to make everything happen. Getting a pre-approval means getting a bunch of that work out of the way upfront.
If you have any questions about buying or selling a home here in Phoenix, don’t hesitate to reach out to me. I’d love to help you.
