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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(4) Real Estate Agents found in Washington city.

CLICK HERE	Company:  Keller Williams Realty Agent Name:  Brett Shankle Mobile: 1-703-819-4352    Office: 1-703-564-4000     "Brett Shankle’s entire career has been client-focused which explains why he excels in meeting the real estate needs of his clients in the Maryland, DC and Virginia. His “customer first” service fulfills the needs of a wide range of clients such as first time home buyers, sellers, investment " ... [ view more ]
CLICK HERE	Company:  Colonial Homes Real Estate Agent Name:  Steven Thames Mobile: 1-301-542-4687    Office: 1-301-392-4900    "My Personal Mission As your professional real estate advisor, I focus on client satisfaction. My business is about service and I am not happy until you are happy. My years in the business have provided me the experience to assist you with nearly every real estate need. Whethe" ... [ view more ]
CLICK HERE	Company:  RE/MAX Professionals Agent Name:  George Klimes Mobile: 202-459-7318    Office: 301-474-2400    "As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you. Here are some of the things I can do f" ... [ view more ]
CLICK HERE	Company:  Realty Executives Advantage Agent Name:  Linda Violante Mobile: 1-202-330-6962    Office: 1-301-805-5230    "* The following are my promises to you! * I treat people the way I would want to be treated. * I am an expert in working with the military and veterans. I am a veteran myself. * I think creatively to help people. Being in the business this long has given me alot of insight. *" ... [ view more ]

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