Pre-Qualified vs Pre-Approved

Pre-Qualified is based on consumer submitted data.

Provides a ballpark estimate of how much someone can borrow.

Does not hold as much weight as a pre-approval.

Typically done for free.

Does not include a credit report check.

 

Pre-Approved is based on verified consumer data.

Borrower receives a conditional written commitment for an exact loan amount after being pre-approved.

Speeds up the buying process.

Requires the completion of a mortgage application and submission of various documents.

 

Starting the process by "just browsing" could set you up for heartbreak. Before you go looking for (and falling in love with) a home, you need a realistic idea of what you can afford, make sure your credit is in good shape, and, most importantly, get pre-approved for a mortgage. If you're unsure where to start, you're in luck! I know some of the best loan officers around, and working with me means my connections are your connections!

✧

✧

✧

Connect with Mary! #connectwithmary

Mary Palma, Real Estate Broker

Palma Group Properties, Inc.

Licensed in Northern Virginia, Maryland and Washington DC

Cell: 571-259-3009 and Bus: 703-261-4075