Pre-Approval
Does it Help to be Pre-Qualified and/or Pre-Approved by a Lender?
The pre-qualification process can be completed fairly quickly, based on less information than is required for getting pre-approved. While it is fast and it does help, a pre-qualification letter is an opinion from a lender of the maximum amount of real estate for which you can qualify. In a competitive market, an offer from a buyer without a pre-qualification or pre-approval letter could lose out to an offer from someone who is better prepared.
Pre-qualification is not a pre-approval. It is a simple statement from your lender stating it appears you are qualified. Pre-approval is the actual verification of everything in your financial file by the lender and could also make the difference in a multiple offer situation.
There are several benefits to going the extra mile and getting a pre-approval letter. First of all, you will know exactly how much real estate you can afford. When you find a property you want to buy, your offer will be better positioned than that of someone less prepared. Finally, being pre-approved is more efficient; it reduces the amount of time it will take your lender to fund your loan.
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