Pre-Approved vs. Pre-Qualified for a Home Mortgage

One of the most stressful parts of a buying a new home is submitting your offer to the seller.  Having an experienced real estate agent can certainly help alleviate anxiety by giving you guidance and advice, but this period of time can still be full of worry and tension.

A recent Keller Williams study reveals some information that may help make this a bit less stressful.  The study shows that buyers who are pre-approved as opposed to pre-qualified are more likely to successfully close on their home, and can finalize the negotiation process in an average of 3 days.

So while it may take longer to get a pre-approval letter from your lender, it will make your offer more attractive to a seller and will result in a simplified offer process.

And with mortgage interest rates at an all-time low, if you are in the market for a new home now is the time to call a mortgage broker and get your pre-approval letter.