How Your Preapproval Could Backfire: What You Need to Know

MillenniUP: No BS Real Estate Solutions for Millennials

Are You Prepared for the Home Buying Process?

Ever wondered what the real difference is between prequalification, preapproval, and underwritten preapproval? Which one gives you the upper hand in securing your dream home? And why do some offers stand out more than others?

In this episode of MillenniUP, we break down these crucial steps for prospective home buyers and sellers. We’ll explain why each type of approval matters, how it impacts your offer, and what to prioritize for a smoother transaction. Plus, we’ll share practical advice for sellers looking to choose the strongest buyer.

Tune in as we cover:

00:00 - Are You Ready? Introduction to Prequalification and Preapproval

00:42 - Podcast Overview and Episode Highlights

01:26 - What Is Prequalification? Understanding the basics and how it differs from preapproval

06:16 - Preapproval Explained: Why it’s important and what lenders are really looking at

07:26 - The Gold Standard: Underwritten Preapproval – How this can set you apart from other buyers and ensure a smooth transaction

11:52 - Final Thoughts and Key Takeaways: How to make informed decisions when buying or selling a home

Whether you're buying your first home or selling, this episode is packed with insights and tips to help you navigate the world of real estate with confidence!

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Watch the full episode on YouTube: https://www.youtube.com/@Millenniup