Brazos Valley Confusion About Pre-qualification and Pre-Approval

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Brazos Valley Confusion About Pre-qualification and Pre-Approval

Pre-ApprovalIf you are looking into getting a loan in the Brazos Valley there are some things you need to understand before you get too far into the process. Many people are confused about the difference between pre-qualification and pre-approval.

Pre-qualification is an estimate (using information not usually verified) concerning the mortgage amount you can be approved for. Pre-qualification is a “test run” of the loan application process.

Pre-approval includes an application fee and will require a complete application. Pre-approval is also different from pre-qualification because it is the bank’s guarantee of the amount they will lend you toward a home, if of course all requirements for the loan are met.

It is important to talk with a reputable lender before you start your search for a home. Getting pre-approved before you start your home search will help you save time and when you are ready to make an offer it also shows the seller you are more serious about buying a home. So, when you need a GREAT lender let us know! We will  be happy to make a few suggestions.

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