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Mortgage Pre-Qualification vs. Pre-Approval


When buying a new home, most people require a home loan, but many prospective buyers don’t realize the difference between pre-qualification and pre-approval (and the benefits of the latter!)

Pre-qualification involves a cursory look at you and your financial position. Pre-qualification for a mortgage means you meet the minimum criteria to obtain a loan after discussing your income, assets and credit. In other words, you’re a candidate for a loan, but this does not guarantee approval. That’s the key.

Pre-approval entails a more comprehensive evaluation of an individual’s income, credit report and assets. The mortgage loan agent will run a credit check, while assets and income are verified. If everything is in order, the prospective buyer will receive a pre-approval. It is not a guarantee but it gives the individual a much, much higher chance of actually securing a loan.

Getting pre-approved for a mortgage can place you in a good position when it comes to negotiations, especially if there are multiple people interested in buying a particular property. Pre-approval will give you an advantage over a potential buyer who’s only pre-qualified (or worse, hasn’t event started the process to get a home mortgage loan.

If you’re seeking to sell your home in a prompt manner, turn to Tammy Calhoun at Century 21 Hometown, serving all of Ventura County, California and beyond. Call Tammy Calhoun today at 805.794.7455 or stop by the contact form.


Tammy Calhoun

Tammy Calhoun

With nearly 20 years in the field, Tammy Calhoun is a licensed REALTOR (CA Lic #01350021) and Ventura County area manager for Century 21 Hometown Realty. Her specialties include buying, selling, negotiating, foreclosures and consulting. Tammy Calhoun has won numerous awards and she is regarded as one of the top real estate agents in California.

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