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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If you are interested to: Buy a Home in Hollywood, Sell a Home in Hollywood, Rent a Home in Hollywood, Commercial in Hollywood

(4) Real Estate Agents found in Hollywood city.

  • Epic Florida Properties

    Art Snow Broker/Owner

    Mobile: 954-243-4569    Office: 954-745-4928    

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    "Art Snow has been in the business world working for large public companies and in several of his own businesses for over 30 years. Art brings to the table strong negotiating abilities and strives to get you the best price whether buying or selling. When working with Art you will find him to have A S" ... view more

       Fair Housing and Equal Opportunity (FHEO)   REALTOR®   The Multiple Listing Service Mark
  • Keller Williams Realty Professionals

    Elaine Gennaro

    Mobile: 1-954-579-6672   

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    "Welcome to the best resource for searching for homes, provided by Elaine Gennaro, Keller Williams Realty A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door. And the way you can instantly e" ... view more

       Fair Housing and Equal Opportunity (FHEO)   REALTOR®   The Multiple Listing Service Mark
  • 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
  • Coldwell Banker Residential Real Estate

    Joan, Robert, Viviana Henry

    Mobile: 1-954-849-4936    Office: 1-954-260-7531   

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    " Se Habla Espanol ! Viviana 1-954-655-6040 Over 120 Million in Closed Sales, and we are Foreclosure Experts ! Hello and thank you for visiting! It is our goal as your full service real estate company specializing in the Hollywood, Ft. L" ... view more

       REALTOR®

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