Are you considering buying a home soon? Then you’ll need to know the difference between pre-qualified vs pre-approved!
Pre-qualified means that you’ve met the basic requirements for a loan. You have a job, you make enough money to pay back the loan, and you have enough money in your bank account to put down as collateral if you need it.
Pre-approved means that your credit score and financial documents have been reviewed by a lender and they’ve decided that you’re good for the money! It’s literally like getting a stamp of approval: “This person is awesome; we’ll give them our money.”
Why is pre-approval better? Because it’s necessary to get a home loan, plus sellers will take your offer more seriously!
Check out our below video for more details!
We strive to be the best Realtors for our clients throughout Lake County and McHenry County. If you want the best experience with either selling your home or buying a home (or maybe both!), The Levicki Group is ready to help you plan your perfect time to EXIT. Contact us if we can assist with any of your home buying or home selling needs.