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The Difference Between Pre-Approved and Pre-Qualified When Purchasing a Condo or Home.

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The Difference Between Pre-Approved and Pre-Qualified When Purchasing a Condo or Home. – PowerPoint PPT presentation

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Title: The Difference Between Pre-Approved and Pre-Qualified When Purchasing a Condo or Home.


1
The Difference Between Pre-Approved and
Pre-Qualified When Purchasing a Condo or Home
  • www.shawngandhi.com
    905.795.1900

2
Whether you are shopping for a traditional
single-family home or a condo, there are several
differences between being pre-approved and
pre-qualified for a mortgage loan.
  • www.shawngandhi.com

    905.795.1900

3
Unfortunately, people often confuse pre-approval
and pre-qualified and assume they mean the same
things, but they do not, and these are major
differences between the two terms.
  • www.shawngandhi.com

    905.795.1900

4
It is important you understand these differences
and how they can affect your buying experience,
so you can determine which one is the best to use
to fit your particular needs.
  • www.shawngandhi.com

    905.795.1900

5
Once you have learned the differences, you are
sure to avoid any confusion and guarantee your
home buying experience is fun and exciting while
remaining stress-free!
  • www.shawngandhi.com

    905.795.1900

6
Pre-Qualifying for a Condo or HomeThe first
step to securing, and being approved for an
actual mortgage is to get pre-qualified. It is
not too difficult and only requires minimum
documentation.
  • www.shawngandhi.com

    905.795.1900

7
At this stage, you provide your bank or other
mortgage lender with a general overall picture of
your current financial situation including your
current housing costs, debts, assets, and income.
  • www.shawngandhi.com

    905.795.1900

8
The lender will review this information and put
together an amount to give you an idea of how
much of a mortgage you could be approved for,
along with how much money may be needed for a
down payment.
  • www.shawngandhi.com

    905.795.1900

9
Oftentimes, this step can be completed either
over the Internet or the phone and does not
require an actual face-to-face meeting.
  • www.shawngandhi.com

    905.795.1900

10
However, and this is where you need to take note
Pre-qualifying for a mortgage DOES NOT review
your credit history.
  • www.shawngandhi.com

    905.795.1900

11
As you probably can guess, this means the initial
amount you pre-qualify for and the type of
mortgage program could easily change once you get
ready to apply for actual financing.
  • www.shawngandhi.com

    905.795.1900

12
As such, being pre-qualified is not as
significant for sellers compared to being
pre-approved.
  • www.shawngandhi.com

    905.795.1900

13
Pre-Approval for a Condo or HomeThe second step
to securing a mortgage is getting pre-approved.
Even if you were already pre-qualified for a
loan, you will still need to take this step.
  • www.shawngandhi.com

    905.795.1900

14
Pre-approval processes take a more in-depth look
into your financial situation and DO review your
credit history. You WILL complete an actual
mortgage application to get pre-approved.
  • www.shawngandhi.com

    905.795.1900

15
The main benefit of pre-approval is the lender
will issue you a conditional approval letter that
details an exact loan amount and anticipated down
payment amount.
  • www.shawngandhi.com

    905.795.1900

16
Once you have found the home you want to buy, you
supply the actual purchase price and other
details to the lender and your pre-approved
mortgage becomes a completed loan application.
  • www.shawngandhi.com

    905.795.1900

17
 In addition, once you have this amount, you can
focus on condos and homes within your
pre-approved price range.
  • www.shawngandhi.com

    905.795.1900

18
Furthermore, sellers place a greater value on
pre-approved buyers since they are only a few
steps away from closing on the home once an offer
is made.
  • www.shawngandhi.com

    905.795.1900

19
Keep in mind neither process takes into account
certain costs, such as home appraisals,
inspections, and closing costs, so you will need
to make sure to budget accordingly.
  • www.shawngandhi.com

    905.795.1900

20
For assistance in finding the perfect condo or
home, contact experienced Square One Mississauga
realtor, Shawn Gandhi today at 905.795.1900! Sou
rce http//shawngandhi.com/difference-pre-approve
d-pre-qualified-purchasing-condo-home-shawn-gandhi
/
  • www.shawngandhi.com

    905.795.1900
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