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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(3) Real Estate Agents found in Hollywood city.

  • Roseline Serrano

    Keller Wiiliams Realty Partners SW

    Roseline Serrano

    Mobile: 954-702-6347    Office: 954-237-0400   

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    " Love what you do, and never work a day in your life... Roseline began her career in the Banking and Mortgage industry while in college, where she graduated with an accounting degree. She discovered her passion for Real Estate while working in the M" ... view more

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

    United Realty Group

    Ed Goldfarb

    Mobile: 954-605-8427   

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    "1800 sales - 25 years experience plus strong negotiation skills gets you the very best deal everytime. At 20 years old, I proudly served my country as a navy fighter pilot and Naval Officer. I now serve my clients with the same dedicated commitment, honor, integrity, ethics and account" ... view more

       Certified Distressed Property Expert Designation (CDPE)   Fair Housing and Equal Opportunity (FHEO)   REALTOR®   The Multiple Listing Service Mark
  • Liza Tamayo

    Keller Williams Real Estate

    Liza Tamayo

    Mobile: 954-588-5500   

    Send Email Website Agent Listings Driving Directories

    "Buy or sell real estate property. The purchase or sale of a home or investment property is one of the most complex and significant financial events in peoples' lives. People typically seek the help of real estate brokers and sales agents when buying or selling re" ... view more

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

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