Stone Bridge Mortgage Group_The Difference Between Pre-Qualification and Pre-Approval

  • Being preapproved means you have a clear idea of how much you can afford to spend on your first home
    • This can save you time and stress in your home search
  • Also, most Realtors require preapprovals before they work with you
  • Being preapproved means your credit, income, and assets have been verified
    • >>>>this is not true with a “prequalification
    • a preapproval is much stronger!
  • Having a preapproval also shows sellers that you are serious and ready to buy
    • This can give you an edge in a competitive market and increase your chances of getting your offer accepted
  • A preapproval can also speed up the closing process, since you have already completed most of the paperwork and verification with your lender, which can reduce the risk of delays or surprises
  • A preapproval can also help you avoid potential pitfalls, such as falling in love with a home that is out of your budget or losing out on a deal to another buyer who is preapproved
    • This can prevent huge disappointment and frustration
  • Preapprovals can also give more confidence and peace of mind in your home buying journey, since you know you have the financial backing and support of your lender

Here at Stonebridge Mortgage we offer free preapprovals over the phone. It takes 30-60 minutes depending on how many questions you have (and we love questions!)

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