What is the difference between being prequalified and preapproved for a loan? - FAQ Real Estate Tags

What is the difference between being prequalified and preapproved for a loan?

The difference between being prequalified and preapproved is simple: If you\'re prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information given was accurate and true. If you\'re preapproved, it means that you have undergone the extensive financial background check - which includes looking at your credit history, previous tax returns and verifying your employment - and the lender is willing to give you a loan. You\'re APPROVED! So, they give you a letter that states such and it is valid for a approximately 60 days thereafter. Notwithstanding the above, you will have an accurate figure which shows the maximum amount that you are approved for. Most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home.



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(2) Real Estate Agents found in Hollywood city.

  • Diana Pittarelli

    First Colonial Realty

    Diana Pittarelli

    Mobile: 1-954-445-0220   

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    "My Commitment to You In the least amount of time possible, I will get you the best price on a home that is perfectly suited to your needs and lifestyle, not just today, but for years to come. The Best Service, The Best Results Choosing a real estate" ... view more

       Fair Housing and Equal Opportunity (FHEO)   REALTOR®   The Multiple Listing Service Mark
  • Susan Weaver

    Coral Shores Realty

    Susan Weaver

    Office: 1-954-668-9056   

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    " "Susie Sells by the Seashore" I specialize in vacation condos & single family homes in the Southeast Florida beach and downtown areas of Hollywood, Hallandale Beach, Fort Lauderdale Beaches and Sunny Isles Beach. I also specialize in relocation, for many of my vacatio" ... view more

       Fair Housing and Equal Opportunity (FHEO)   REALTOR®   The Multiple Listing Service Mark

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