📄Pre-qualification: A pre-qualification is a lender’ estimate of the amount a home buyer can expect to be approved for during the loan process. Getting pre-qualified is a quick assessment by a lender of the buyer’s financial situation based solely off of what a buyer tells a lender, and not based with any proof or verifications.
📄Pre-approval: Getting pre-approved requires home buyers to fill out an application that allows a lender to determine their financial situation, including their debt-to-income ratio, ability to repay and credit-worthiness. Once this is in hand, the lender can give the buyer a letter stating the exact loan amount they have been pre-approved for along with the total sales price they are approved for.
The letter will usually indicate both the buyer’s estimated down payment along with the potential interest rate. Because it is much more thorough than a pre-qualification letter, most sellers prefer to see a pre-approval letter with an offer. .
Give me a call with any of your real estate questions and needs! ☎️516 816 4494 Im here to help! .
.
.
#buyersagent #househunting #listingagent #longisland #longislandrealestate #realestateagent #realtor #prequalify #creditrepair #longbeachnynotcalifornia #longbeachny #oceansideny #rockvillecentre #lynbrookny #islandpark #realestateterms #understandingrealestate #nassaucounty #buyingahome
#buyersagent #househunting #listingagent #longisland #longislandrealestate #realestateagent #realtor #prequalify #creditrepair #longbeachnynotcalifornia #longbeachny #oceansideny #rockvillecentre #lynbrookny #islandpark #realestateterms #understandingrealestate #nassaucounty #buyingahome
|
