Pre-Approval

• Not the same as Pre-qualification which is simply sharing your financial information with a lender in order to get an “idea” about affordability.

• Pre-approval is not an estimate, it is a loan commitment from a lender based on details of your financial information provided to your lender and run through a sophisticated decision process that includes a obtaining credit report.

• Pre-approval takes the guess work out of what you qualify for.

• Presents you as a bona fide buyer to all parties involved in the home search process and can be an advantage during negotiations.