How Are Pre-Qualifying And Pre-Approval Different From Each Other

Left hand holding a white card with pre-qualified versus pre-approved written on it

How Are Pre-Qualifying And Pre-Approval Different From Each Other?

Pre-qualification is an informal way of presenting the amount you may be able to borrow. You can be pre-qualified over the phone with no paperwork by telling a lender your income, your long-term debts, and the size of the down payment you can make. Without any obligation, this helps you to arrive at the ballpark figure of the amount you may be able to spend on a house.

Read Also: Selling To A Friend Or Family Member

Pre-approval is a lender’s actual commitment to lend to you. It involves assembling financial records and performing a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you’re serious about buying.

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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:

Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*

To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!

*Agardi Team and the seller have to agree on the price and the closing date.

Call Us @ 718-755-2882
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