Pre-Approval vs. Pre-Qualification

Buyer Tips

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, we help first-time sellers in the Northeast Grand Rapids area. Our number one focus is you! We are here to guide you through the process of selling your first home and buying your next. That way you can buy and sell with confidence.  

Let's Meet

Contact

616-581-8828

Key Realty
2905 Wilson Avenue SW
Suite 105
Grandville, MI 49418

aprilandjean@ajrealtypartners.com

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Hi, there!

We're April and Jean, we help first-time sellers in the Northeast Grand Rapids area.
Our number one focus is you! We are here to guide you through the process of selling your first home and buying your next. That way you can buy and sell with confidence. 

schedule your
free consultation

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