Maine Waterfront Real Estate

Have you ever wondered what the difference is between a home loan pre-qualification and pre-approval?

For a pre-qualification, a mortgage broker usually sits down with a potential buyer and helps figure out how much they can afford and what type of loans may be available to them. This process may save you both time and money. Although you may receive a pre-qualification letter, it is not the same as loan pre-approval.

Loan pre-approval must be issued through the mortgage lender, and means the lender has made a firm commitment to the buyer to lend them money. Because it is a stronger commitment from your lender, it can become an extremely useful tool for me when it comes time to negotiate with sellers on your behalf.

via Pre-Approval vs. Pre-Qualified | Buckfield Maine Area Homes For Sale.