Let’s get pre-approved buyers
Serious buyers should be pre-approved, not just pre-qualified
Do you know the difference between pre-qualification and pre-approval? Loan officers and financial institutions do! Buyers and sellers should know, as well.
For a buyer who is only pre-qualified, closing a deal takes longer than for a pre-approved buyer.
Pre-qualification is only the first step in approval for a mortgage. It requires only a simple review of the buyer’s debt-to-income ratio. That basic ratio provides a general indicator of the buyer’s ability to buy.
The approval process must take place before a mortgage can close. That’s why pre-approved buyer’s offer gets everyone to the closing table sooner. in it.
A pre-approval letter states that a financial institution has fully vetted and approved the buyer for up to a specific dollar amount. It’s nearly as close as a buyer can get to giving a “cash” offer.
An offer from a pre-approved buyer helps everyone. The buyer’s offer is stronger because the seller holds more confidence.
Today, low interest rates mean that loan officers are busier than ever! So it’s even more important for buyers to be pre-approved.
Are you a buyer or a seller who wants to learn more about the pre-approval process?
Whether you are buying or selling, our team will connect you with trusted financial partners who can explain the process to you. Meanwhile, remember that the pre-approved buyer is the “early bird” who gets the “worm” (or the home) before the pre-qualified buyer.
Every member of our EXP Realty team can share stories of how pre-approved buyers are at a terrific advantage. That advantage leads both to happy sellers and to happy buyers