What is Pre-Approval vs Pre-Qualified in Real Estate?

Pre-approval vs pre-qualified - what's the difference? What does pre-approval mean with mortgage loans? What does pre-qualified mean with mortgage loans?
____________________________________
How to get your real estate license in California!

Check out our program: https://www.carealtytraining.com/
Talk to a student advisor: 888-317-8740
Email: info@carealtytraining.com
____________________________________

When a homebuyer finds their dream home, chances are they will need to withdraw a mortgage loan. Buying a house is most likely the biggest purchase someone will make in their lives. Because home prices are so high, the bank offers mortgage loans to prospective homebuyers that they can take out when they're ready to invest in their forever home.

Before they take out the loan, they can be placed into two categories: pre-qualified for a home loan or pre-approved for a home loan. These two categories are different and mean two different things.

Pre-approval will guarantee a specific loan amount for the home buyer. Whereas pre-qualified means the home buyer fits the criteria for an estimated amount of money. That's the big difference. As Robert Rico says, "the difference is verification."

As a real estate agent, it is up to you to facilitate this meeting between your homebuyer and the loan lender. As Robert calls it, the buyer's triangle. This is the "planning room" where the buyer meets with the lender to determine how much they can get a loan for. To make this happen, they rely on you.

CHAPTERS:
00:00 - Introduction
01:16 - Finding a Lender
01:53 - The Buyer's Triangle
02:50 - What is a Pre-Approval Letter?
05:11 - What is a Pre-Qualified Letter?
07:46 - Final Thoughts
____________________________________
FOLLOW US ON SOCIAL MEDIA:

• Facebook: https://www.facebook.com/USRealtyTraining
• Twitter: https://twitter.com/carealtytrain
• Instagram: https://www.instagram.com/carealtytraining
• LinkedIn: https://www.linkedin.com/company/ca-realty-training/
____________________________________

Like and subscribe (and hit the bell icon!) that's the best way to get notified when we release new helpful videos like the one you just watched.

Doing so helps our channel grow so we can continue producing great content to help you take your real estate career to a new level. It also helps other people interested in real estate find our channel so they can learn more about the world of real estate like just like you are.

Thanks for watching–we'll see you on the next video!

#preapproval #prequalified #realestateterminology

Видео What is Pre-Approval vs Pre-Qualified in Real Estate? канала CA Realty Training