Pre Approval vs Pre Qualification


Why do you need an approval rather than just a pre-qualification? 
It can end up costing you thousands of dollars if you aren't truly qualified when you start the home buying process. 
Hi, I'm Amanda with eXp Realty and I've helped saved hundreds of buyers form making huge mistakes when purchasing that could have cost them thousands of dollars. 
A pre-qualification is not a true approval, it's the initial step in the home loan process where you discuss your financial situation with the loan officer, but nothing is verified. The approval is where the buyer actually provides the lender with all of the necessary documentation to tell them what they are approved for, which loan products is the best option for them and give the buyer a better idea of the interest rate. 
You want to go through the entire approval process. The lender has done things like verified your employment, senior taxes, looked at your bank statements. They've truly verified everything you will need in order to know how much they will lend you and what your payments will be, it's essential that you do this, otherwise you could stand to lose any money that you've spent on things like inspections and appraisals. 
Don't fall into that trap. Call me and let me walk you through the safest, most strategic way to become a homeowner. And don't forget, it's free to have an agent represent you. The seller pays my fees but I am here to protect your best interests. 
I'm Amanda Oldfield with eXp Realty, and I'm here to help.