The Difference Between A Pre-Qualification And A Pre-Approval In Real Estate

Pre-approval vs. Pre-qual, which is best?

Tim Carroll with Team TLC and Patrick Storch with The Mortgage Firm in Tampa FL is here to help you in this highly competitive real estate market. What is the difference between pre-approval and pre-qualification and how will it help you in your home search?

Check out the video here: https://youtu.be/6wQgJRhSROI

Having a pre-approval letter in hand when you start your search will certainly give you a leg up. A pre-approval letter from a mortgage lender is a verified statement that we have seen your pay stubs, seen your tax returns, and know what you qualify for. The Difference Between A Pre-Qualification And A Pre-Approval In Real Estate  It is much more valuable to have a pre-approval letter because lending guidelines are always changing. Bottom line: We vet you. With multiple offers coming in, a pre-approval letter will get your offer noticed.

Whereas a pre-qualification letter is just that: you qualify for a deeper look. We spoke to you, we pulled your credit and you told us what you make. It is not officially everything that is needed to secure a loan. But we have verbally spoken and you seem qualified.

When you are searching for a home and find a great match, this is when the pre-approval letter will be worth its weight in gold.  The Difference Between A Pre-Qualification And A Pre-Approval In Real Estate When a listing agent receives multiple offers they will look for pre-approvals and call the mortgage professional attached to those letters. The Difference Between A Pre-Qualification And A Pre-Approval In Real Estate  Local is always better in this case because our local mortgage professionals are available on nights and weekends to make sure your information is verified. The listing agent will verify that everything checks out so they can tell the seller the offer has a pre-approval with it. The Difference Between A Pre-Qualification And A Pre-Approval In Real Estate This will definitely help you jump to the head of the line in a multi-offer situation.

We hope this information helps you as you start your search. We’d love to help you find your next home so reach out today.

Tampa area relocation guides: https://www.tampateamtlc.com/blog/relocating-to-the-tampa-bay-area/