What Is The Difference Between Prequalified Vs Preapproved

Dated: October 22 2020

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Here at The Michelle Cantrell Group we want to ensure a smooth buying process so we thought it would be helpful to talk about the difference between pre-qualified vs. pre-approved. Often times, these terms are used interchangeably, but they mean very different things! Typically, during a pre-qualification, the lender will take a look at your finances, such as a verbal employment history, assets and income, and give you an ESTIMATE of what you could qualify for. A pre-approval, however, will require a credit pull, documentation such as bank statements, pay stubs, and W-2’s to determine what kind of loan you will ACTUALLY qualify for. The pre-approval letter is what your real estate agent and home sellers are looking for so they know you are ready to purchase the home you want! Questions about getting a pre-approval for your dream home? We recommend one of our partners at Gershman Mortgage. Call (417) 839-8723 or email at jack@jacklangleyteam.com for more information

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Michelle Cantrell

Michelle is a native of Southwest Missouri and has twenty-five years of experience in selling real estate in the greater Springfield area! Michelle specializes in all price points, including new const....

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