“How do I know what price range to look in?” and “how do I make sure my offer is accepted?”
These are two of the most commonly asked questions from first time and experienced home-buyers alike.
Some lenders offer pre-qualification and pro-approvals. Here is the difference :
Pre-Qualification
- Provides a “ballpark” estimate of your buying power.
- Requires a satisfactory review of property, financial documents and program requirements to issue final approval.
- Is offered by most lenders.
Pre-Approval
- Provides proof to real estate agents and sellers you’re pre-approved for a specific amount.
- Is based on verification of your income, credit, and assets.
- I offer this service at no cost before you find a home.
One of the best places to start is by getting pre-approved by a lender upfront in the process. Not only does it give you peace of mind knowing your price range is already pre-approved by the lender, but strengthens your position at the negotiating table, especially in a multiple offer situation.