Pre-Approval vs. Pre-Qualification

Thinking of Buying Your "Right-Sized" Home

Have you ever wondered why your realtor asks you for a pre-approval letter and not a pre-qualification letter from your lender?


A pre-qualification letter is not a true approval. It can end up costing you thousands of dollars if you aren’t truly approved for a loan.

You want to make sure that you are getting pre-approved by your lender, that they are verifying your employment, your bank statement, your taxes. That way you know how much you can afford and what your payment will be. Your pre-approval is essential.

Otherwise, you could stand to lose your earnest money deposit and any money that you’ve spent on inspections or on an appraisal. A realtor can walk you through the safest and the most strategic way to become a homeowner. And don’t forget, typically the seller pays the fees to have an agent represent you as the buyer. However, your agent is there to protect, negotiate, and look out for your best interests.


We hope you found this helpful, if you are ready to take the next step reach out and set up a time to talk!

Hi, there!

We're April and Jean and we love helping people get into a home that fits their lifestyle. We call it "Right-Sizing", whether that is moving up to a bigger home or downsizing into something smaller. Let us know how we can help you make your real estate dreams come true. 

Let's Meet

Contact

616-581-8828

Key Realty
2850 44th Street SE
Grand Rapids, MI 49512

office@ajrealtypartners.com

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schedule your free consultation

Hi, there!

We're April and Jean and we love helping people get into a home that fits their lifestyle. We call it "Right-Sizing", whether that is moving up to a bigger home or downsizing into something smaller. Let us know how we can help you make your real estate dreams come true. 

schedule your
free consultation

Buy

Our Listings

Sell

All Articles

We have a proven process for profitably selling your current home, so you can move right into your next home without upending your life OR budget.

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