All cash offers and assumable mortgages are rare in our marketplace so buyers who arrange for mortgage financing will be the norm. Pre-qualfiication is based on a simple calculating process performed by a lender or real estate agent to provide an affordability guideline for buyers. Since there is no verification, the lender is not bound to make a loan. Pre-approval, on the other hand, is based on independent verification of the information. T he lender has fully documented the buyers' ability to borrow, checked their credit rating and set a maximum based on income, credit and down payment.
Serious buyers take the effort to get pre-approved.
Don't assume that because buyers are accompanied by a real estate agent that they are pre-approved. Some real estate agents are reluctant to discuss finances with buyers early in the relationship. It is not unreasonable to ask for proof of qualifications in the form of a pre-approval letter when a buyer shows serious interest in your home. Take advantage of the technology in place today and the lenders' eagerness to serve the buyers well and sell more mortgages. Lender Contact Tel.