WA Real Estate Blog

Ask and you shall receive.                                         

I've been tossing over how to address this question simply and accurately so

potential buyers are aware this is an often overlooked tidbit.

The difference of being pre-qualified or pre-approved can be vast or insignificant.  Let me explain.

When you get a Pre-Qualification letter from a mortgage professional based on gathering some documentation and/or running your credit they can issue you an opinion based on their expertise.  What you might not know is...

The letter is not a guarantee of a loan but more, things look good so far.  There are several reasons a loan can fail and a pre-approval does not guarantee a loan it is however one step further than an opinion.

*Sometimes it is not possible to issue a pre-approval, ask your professional.

Some agents, broker's, and lenders use these terms interchangeably.

The main difference often is one is an opinion and the other is a automated and generated actual loan approval with an expiration date, an estimated rate, and conditions that do not resemble a hand typed letter.

Having your mortgage professional take the extra step will keep you cool during the financing contingency!

It's up to you to know what you are getting before you start to shop! 

Thought provoking

Angela