Thursday, November 23, 2017
       
  Home  
       
  WHAT WE DO  
       
  WHO TO CALL  
       
  Boston Area  
       
  Towns of Metro Boston  
       
  Home Buying Process  
       
  Financing  
       
  Home Inspection  
       
  Media says EBA  
       
  Buyer Beware  
       
  Cash Back  
       
  New Built Homes  
       
  Recent Sales  
       
  Tips for Buyers  
       
  We're Different  
       
  Pre-Approval  
       
  Compare Houses  
       
  School Reports  
       
  EBA Defined  
       
  Hall of Fame  
       
  Homebuying Books  
       
  Most Firms List Homes  
       
  Agency Disclosure  
       
  BLOG  
       
  News Update  
       
  Mortgage Glossary  
       
  Loan Shopping  
       
  TWEETS  
       
  Town Information  
       
  Appraisal vs Assessment  
       
  Help for SELLERS  
       
  Mortgage Videos  
       
  Procuring Cause  
       
  FHA Approved Condos  
       
  Facebook  
       
  APPLIANCES Life Expectancy  
       
  Contact Us  
       
 

Are You Pre-Qualified or Pre-Approved?

 

 

Pre-Qualified

You can be pre-qualified by a lender, by an agent, by yourself. The term means that someone has taken a general look at your income and expenses and plugged them in to a debt-to-income ratio formula. Loan pre-qualification does not include an analysis of your credit report or an in-depth look at your potential to buy a home.

 

Bottom Line: Pre-qualifying yourself before you start looking for a home will give you a general idea of the price range you can afford.

It will not nail-down an interest rate for you, and that factor and others will affect the monthly payments a bank will allow you to carry.

 

Pre-Approval

When you are pre-approved, it means a lender has looked closely at both your credit report and your income. The lender will tell you the maximum amount of loan they will offer, and which loan programs you qualify for. You'll also have a better idea about your interest rate, or you might lock-in a specific rate.

 

Bottom Line: Now you can go shopping for a home with confidence about your buying power--but it still doesn't mean the bank will approve the loan. Your income and credit report will be checked again before closing, and the home itself must be approved.

 

If you like, we can get you hooked up with a lender who will give you a pre-approval so you can get started viewing homes and be prepared to buy when you find the one you want. 

 

Phone: 1-800-252-8937  or email us.