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.



Real Estate Questions and Answers

RealEstateAgent.com is all about real estate, please browse our FAQ's made by people for people. The Real Estate Market is very complex, if you are looking into buy a home, selling a home, home values or refinance, we can help. Just browse our FREE Real Estate Questions and Answers, we encourage you to contact our Featured Real Estate Agents so they can assist you with any Real Estate Questions you may have. Commercial Real Estate Questions and Answers

To browse our Real Estate FAQ terms please click the following link: Real Estate FAQ

RealEstateAgent.com is dedicated to provide the most up to date Commercial Real Estate Questions and Answers available in today's market, we invite you to contact our Featured Real Estate Agents so they can assist you with any Commercial Real Estate Questions you may have.

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.

  • Yael Weizman

    The Keyes Company

    Yael Weizman

    Mobile: 1-954-410-9358   

    Send Email Website Agent Listings Driving Directions

    " Whether a first-time buyer, seasoned homeowner, or multi-property investor, the team at The Keyes Company is your go-to resource for all things real estate. Family-owned and in business since 1926, The Keyes Company has grown across the state of Florida. We have captured accolades such as bein" ... view more

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

    Keller Williams

    Ed Rangel

    Mobile: 786-763-5650   

    Send Email Website Agent Listings Driving Directions

    "ED RANGEL - REALTOR ASSOCIATE - AT NINETEEN(19) YEARS OF AGE, ED RANGEL WAS A PROFESSIONAL FRAMER AND DRY-WALLER,LATER ON TO BECOME LICENSED IN THE STATE OF CONNECTICUT AS SUCH. WITH AN EARLY START IN THE REAL ESTATE WORLD,AT THE AGE OF TWENTY ONE(21), AS AN INVESTOR, A LITTLE OVER FOURTEEN " ... view more

       Fair Housing and Equal Opportunity (FHEO)   REALTOR®   The Multiple Listing Service Mark
  • Diana Mazel Pittarelli

    First Colonial Realty

    Diana Mazel Pittarelli

    Mobile: 954-445-0220
    Assistant (Anna) 954-744-9732
       

    Send Email Website Agent Listings Driving Directions

    " Raised in South Florida, and a graduate of Barry University with a masters degree in business management, Diana knows the area and its schools. Diana is dedicated to helping her clients identify and the best neighborhood and home for them. Are you looking for an " ... view more

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

    Keller Wiiliams Realty Partners SW

    Roseline Serrano

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

    Send Email Website Agent Listings Driving Directions

    " 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

If you are interested in other Real Estate FAQ terms


Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
read Reviews

Agents join here