6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 ~ Erin@HomesInRaleigh.org

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Buying a Home in Raleigh
Pre-Approved vs. Pre-Qualified

What's the Deal ~ What's the Difference

There is sometimes confusion about the meanings of Pre-qualified and Pre-approved.

Pre-qualified
Pre-qualified means that you have talked to a lender or loan specialist in connection with you buying a home in Raleigh. You have discussed your financial situation and examined your income and your debt. The lender or loan specialist has told you how much they think you can afford for a Raleigh home. They will provide you with a letter stating that you have been pre-qualified for a loan.

Pre-approval
Pre-approval takes pre-qualification up a notch. With pre-approval, the lender has looked much more closely at your situation. They have contacted your bank and others pertinent to your finances to verify your income, credit history, assets, and debts. The lender then will write a letter stating that you are approved for a loan up to a certain amount for specific amount of time.

So What?
These are important concepts when buying a Raleigh home.

First: Almost every home for sale in Raleigh requires that you submit at least a pre-qualification letter with your offer.

Second: You want to have an advantage over other Raleigh buyers. Having a pre-qualified letter is good. Having a pre-approval letter is better.

The Raleigh Seller knows that there is less worry accepting an offer from a person that is pre-approved. There is less danger that a pre-approved buyer's loan will be turned down because the underwriting steps have already been started.

Before you begin to search for your perfect home it is absolutely vital that you speak with a lender and obtain either a pre-qualification or pre-approval letter.

Ed and Erin can recommend several different Raleigh lenders to you if you would like. Just give us a call and we can help start you on the road to that Perfect Address.

Other things to consider when buying a Raleigh home are 7 Things Raleigh Home Buyers Should Know, Learning About Your New Raleigh Neighborhood and Tips on Negotiating With a Raleigh Seller.

If you have questions about buying a Raleigh Home or information on any Raleigh Homes
Email Us or Call Us Today at 919-280-2726

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