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10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us

 

 

 

 

Pre-Qualification Vs. Pre-Approval

 

 

Prior to looking at any property, it is a good idea to determine if lenders consider you a creditworthy borrower and approximately how much they will let you borrow. There are typically two ways to go about this:

Pre-Qualification

Loan pre-qualification is nothing more than a cursory overview of your financial assets by a lender based on what you tell them. After taking into account your present gross income, your expenses, and your cash savings for a down payment, a lender will give you an estimate of the mortgage you are qualified for. Pre-qualification is often cheap or free, and usually requires only a few hours.

However, because it is only a cursory overview, pre-qualification can be a potential waste of time and money. If, for example, you decide to apply for a mortgage after looking at property only to discover that there were additional financial liabilities or credit blemishes that turned up under closer scrutiny of your records, you could find your borrowing power substantially diminished, or your application rejected outright.

Pre-Approval

Loan pre-approval is significantly more thorough than pre-qualification. During pre-approval, lenders will contact all banks and employers to verify your earnings and assets, as well as review in detail your credit history, your income and expenses, your savings, and even your prospects for future employment. Unlike the pre-qualification process, a pre-approval can take weeks to complete, but in the end, you will have proof that you are a qualified borrower worth consideration. This will give you more leverage in negotiations and can also be a real benefit if you find yourself in a situation competing with other buyers for the same property.

Also, be sure to keep in touch with your lender even after pre-approval. Inform them if your financial situation changes in any way, and in return, they can keep you informed about any changes in interest rates that might affect your loan.

 

 

 

 

 

 

 

 

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OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683 EMAIL: info@brown-lending.com


 

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