The Buyer's Guide: Pre-qualified vs. Pre-approved

Oh real estate terms, you can be troubling :) If you are a potential buyer, first things first if you're planning to finance your property (if not, ignore the rest of this article😉), I recommend that you meet with a lender and get pre-approved for a loan amount. This will ensure two things: 

  1. You understand your budget and are comfortable with the anticipated monthly payments, so we can begin the search for your new home. 
  2. When a property comes your way that you're excited about, you are one step ahead in the game and can move forward with the offer process immediately. 

So, is getting pre-qualified the same as pre-approval? Watch the video below to find out and learn more about the differences between the two.