Financing - Get Pre-Approved
Getting pre-qualified helps you determine how much home you can afford, based on specific
financial information you share with your lender. The lender does not verify this information,
and consequently there is no guarantee you will qualify for the loan amount. Getting
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 gives you
significant buying power with a seller who recognizes you will be approved for a loan.
Getting pre-qualified helps you determine how much home you can afford, based on specific
financial information you share with your lender. The lender does not verify this information,
and consequently there is no guarantee you will qualify for the loan amount. Getting
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 gives you
significant buying power with a seller who recognizes you will be approved for a loan.
What's pre-qualification?
Pre-qualification is an informal discussion between borrower and lender. The lender
estimates the amount that you can borrow based solely on what you tell them about your
income and assets. The lender does no verification and is not bound to make the loan when
you're ready to buy. On the other hand, 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.
Pre-qualification is an informal discussion between borrower and lender. The lender
estimates the amount that you can borrow based solely on what you tell them about your
income and assets. The lender does no verification and is not bound to make the loan when
you're ready to buy. On the other hand, 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.
How is pre-approval better?
To a seller, a lender's pre-approval letter is considerably stronger than a pre-qualification
letter. If a seller knows your financing is secure, your offer is stronger. Pre-approval also
gives you peace of mind as you shop for a home, knowing that you will qualify for the proper
mortgage amount.
To a seller, a lender's pre-approval letter is considerably stronger than a pre-qualification
letter. If a seller knows your financing is secure, your offer is stronger. Pre-approval also
gives you peace of mind as you shop for a home, knowing that you will qualify for the proper
mortgage amount.
| Joe Clemons |
| 248-890-4428 |
MORTGAGE INFO
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-- Fill out the areas appropriate for you
-- Don't forget to include your contact information
-- And we'll get back to you quickly
THE ACCURACY OF ALL INFORMATION, REGARDLESS OF SOURCE, IS NOT GUARANTEED OR
WARRANTED. ALL INFORMATION SHOULD BE INDEPENDENTLY VERIFIED
WARRANTED. ALL INFORMATION SHOULD BE INDEPENDENTLY VERIFIED
Oakland & Macomb County Homes For Sale
