The Difference Between Pre-Qualified and Pre-Approved Mortgages
Are you thinking about buying a home in the Greater Dayton area? If so, you might have heard about being “pre-qualified” and “pre-approved.” But what do these terms mean, and why are they important? Let’s break it down in a way that’s easy to understand.
What Does Pre-Qualified Mean?
When you get pre-qualified, it means you tell a lender about your money situation, like how much you earn and what you owe. The lender then gives you an idea of how much money they might lend you. It’s like getting a quick check-up on your ability to buy a home. This step is simple and usually free.
What Does Pre-Approved Mean?
Getting pre-approved is a bit more serious. For this, a lender really checks your financial health. They look at your credit score, your job history, your income, and more. Then, they give you a letter that says how much they would lend you. This letter makes you a strong buyer because it shows sellers that you are serious and have the money ready.
Why Does It Matter?
Knowing the difference helps you become a better home buyer. With pre-approval, you can move faster when you find the right home. Sellers will see you as a serious buyer, which can be a big advantage.
Learn More and Explore Homes!
Want to learn more about buying a home? Check out our videos for home buyers here and get more helpful tips and tricks on our home buyer education page.
If you’re ready to look at homes, visit Streetlight Realtors to find your dream home in the Dayton area.
Contact Team MVE
Ready to find your perfect home or need more help understanding home buying? Reach out to Team MVE:
- Jonas Helbert: (937) 626-4181
- Katie Masters: (937) 901-8177
- Email: mve@streetlightrealtors.com
We’re here to help make your home buying journey easy and fun. Let’s find your dream home together!
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SLR Experts
Streetlight Realty is located in Washington Twp, OH, and serves the entire Miami Valley. Whether you are looking to buy or sell real estate, we have experts who can assist you in the process. You can call Jonas Helbert at 937-626-4181 or Katie Masters at 937-901-8177 with any Real Estate questions. We are here to help!