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Pre-Approval and Pre-Qualification in Charlotte
Manage episode 168546812 series 1328415
Вміст надано Thomas Elrod. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Thomas Elrod або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
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Buying a Charlotte area Home? Search all homes for sale
Often, clients ask the difference between loan pre-qualification and pre-approval. Pre-qualification involves running your credit score. However, pre-approval goes beyond the credit score and obtains specific documents to determine if a loan is fit for you. These documents include pay stubs, tax returns, bank statements, and similar paperwork.
What’s the worst that could happen? Let's say a buyer starts looking at properties, writes checks, pursues an inspection, and obtains an appraisal. This costs, at least, a thousand dollars already. Then, when the lender or banker reviews all the financial information, the buyer learns they don’t qualify for a loan. Maybe a buyer’s debt-to-income ratio isn’t right. Maybe they didn’t factor in certain expenses to the overall cost.
That’s why pre-approval is so much more important than pre-qualification. It’s more legitimate to be pre-approved when home shopping because it proves to the seller that the buyer is committed. If you’re considering buying or selling a home, please get pre-approved. If you or anyone you know is thinking about buying or selling a home this year, give us a call or send us an email! We look forward to hearing from you.
Check out our last blog post to learn about the Charlotte real estate market for 2016
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