Pre-Approval Can Put You in the Driver's Seat
Want to be considered a more serious buyer? Instead of getting pre-qualified for a mortgage, consider getting pre-approved.
Pre-qualified means you have described your financial situation with a lender and the lender has given an opinion about whether you may qualify for a loan. In short, pre-qualification is a lender's opinion.
Pre-approved means you provided documents showing your income, assets, and liabilities. The lender has checked your credit report. In short, barring unforeseen events the lender has thoroughly considered your financial situation and will approve you for a loan.Then, sellers will feel comfortable accepting your offer because they know you can get financing. You'll negotiate from a stronger position, and you can close more quickly because a lot of the paperwork has already been completed.