Pre- Qualification is the basic financial picture. There are so many factors included with lending and pre- qualify doesn't always give you the best indication of what you can or cannot afford.
Pre-Approval goes into more detail with your financial status.Before your search for a new home always be sure to check with your trusted lender about getting a pre- approval. When you present a pre- approval letter to your Realtor and to when attached to a possible offer, the agents and the home sellers will take you more seriously. You certainly don't want to set yourself up for disappointment by assuming that since you qualified for a certain amount online, you will automatically be approved for that amount. You should look at homes with in your price range and the only way to know if a home is within your price range is to get a pre-approval letter.
Take a look at the video below for more information about the lending process.
If you are interested in information about the Houston Area Real Estate Market
If you are thinking of buying or selling or if you are interested in more information on the Houston Area Real Estate market please contact us at 281-479-MOVE(6683) or clientcare@freundgroup.com
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