What's My Price Range for Buying a Home?
How much home can you afford? Getting pre-qualified for home purchase or pre-approved dramatically enhances your buying power. Learn more.
Crunch the numbers yourself with our Home Financing calculators or register for a complimentary consultation with one of our mortgage professionals by filling out the form below. (Offer limited to transactions within our service area. If not in our service area, please contact us.)
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Pre-qualification vs. Pre-approval
What is Pre-qualification?
A loan pre-qualification results from an informal discussion between borrower
and lender. Being pre-qualified helps you determine how much home you can afford,
based on specific financial information you share with your lender without verification
by the lender. Consequently, there is no guarantee you will qualify for the loan
amount discussed. The lender estimates the amount that you can borrow based solely
on what you tell them about your income and assets. The lender is not bound to
make a loan when you're ready to buy.
What is Pre-Approval?
A loan pre-approval is based on documented and verified information regarding
your employment, your income, your liabilities, your assets and the cash you have
available to close on a home purchase. Being pre-approved requires that the lender
verify your financial information, and does serve as a commitment to lend a specified
amount based on that verified information. This allows you significant buying
power with a seller who recognizes you are already approved for a loan when you
make an offer on a property. So, to a seller, a lender's pre-approval letter is
considerably stronger than a pre-qualification letter, because your
financing is securer. Pre-approval also gives you peace
of mind while you shop for a home, knowing that you are approved for the proper
Get pre-approved now