Mortgage Information
Pre-qualification is an informal discussion between borrower and lender. The
lender estimates the amount that you can borrow based solely on what you tell them
about your income and assets. The lender does no verification and is not bound to
make the loan when you're ready to buy.
Pre-approval is an important first-step before you begin looking for a home, and
it helps you determine how much home you can really afford. Getting pre-approved
requires that the lender verify your financial information, and it serves as a
commitment to lend a specified amount based on that information. This gives you
significant buying power with a seller who recognizes you will be approved for a loan.
To a seller, a lender's pre-approval letter is considerably stronger than a pre-
qualification letter. Loan pre-approval is based on documented and verified
information regarding your employment, your income, your liabilities, your assets
and the cash you have available to close on a home purchase. If a seller knows your
financing is secure, your offer is stronger. Pre-Approval also gives you peace of mind
as you shop for a home, knowing that you will qualify for the required mortgage
amount.
∙ Professional ∙ Trusted ∙ Knowledgeable ∙ Dedicated ∙
Barb Cooper, REALTOR® CRS, GRI, PMN
direct: (512) 698-6625 ∙ office: (512) 343-7500 ∙ homes@barbcooper.com
