I have been asked this question before when I was giving seminars which was better, pre-approval or pre-qualification for a mortgage. That clearly told me that people had not been explained the difference. What a prospective homeowner needs to understand that is pre-approval is the key to purchasing a house versus pre-qualification. Pre-approval says they have looked at your financials, when pre-qualification says we think you qualify. When builders or realtors realize that you have a pre-approval they are more than happy to show you different options because they know you are serious. Pre-qualification does not necessarily say that you are not serious but it does say you may not qualify for the financing to get the house. Pre-approval is the step you want to take.
At Free Mortgage Quotes NBG ( http://www.freemortgagequotesnbg.com ), when they "pre-approve" borrowers for mortgages, they look at the financials, develop a personal loan profile, and finally secure the best mortgage rate from a list of lenders who have contacted them and agreed to the terms needed by the borrower.
Realtors love working with borrowers from Free Mortgage Quotes NBG because when they present their "pre-approval" letter, the Realtors know that the borrower already has at least one lender who has already agreed to finance the borrower's mortgage. The "pre-approval" letter outlines the price range which the borrower can afford, as well as, details on how the purchase contract needs to be structured in order to make the process flow smoothly.
Got questions or need help?
Visit their web site at: http://www.freemortgagequotesnbg.com or email inquiries to support@freemortgagequotesnbg.com.
Posted by: Bobby | August 28, 2007 7:17 PM | Permalink to Comment