What's the difference between being pre-qualified and pre-approved? Many don't know.
22 May 2014
New buyers often confuse the two terms, but they are not the same and not knowing the difference can result in losing out on your dream house.
“Often times when I am working with a buyer (and sometimes in my communication with other real estate professionals) I hear the words ‘pre-qualified’ and ‘pre-approved’ interchangeably. Do you know the difference between the two? It is very important before you start looking at houses or contact a real estate professional that you get at least pre-qualified and better if you will get pre-approved.
Being pre-Qualified means that you have talked to a lender or mortgage broker and verbally given them some information that allows them to make an informal determination of the amount of mortgage you can afford. The decision is based on the information you tell them.
Being pre-approved is a guarantee in writing from a lender or mortgage broker that you will be granted a loan up to a specified amount based on information you have told them and based on information they have requested from you as proof to your financial situation.
There are advantages to you being pre-approved for a loan prior to looking at houses: 1) Many Realtors will not show you property without a pre-qualification letter. 2) Sellers will find your offer on a home much more inviting if they know you are already pre-qualified. 3) The length of time between signing and contract and closing on the transaction can be shortened if you are already pre-approved.”
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Why Choose Us
Global Estate Agency's Junior Sparks is the 2018 Agent of the Year | First-ever recipient of The George Ramsay Memorial Award via the Barbados Estate Agents and Valuers Association.
Global Estate Agency's Junior Sparks makes international TV debut in the popular US reality television series, HGTV House Hunters International. Season 151, Episode 3 - Seaside Villa vs Crash Pad in Barbados.
Global Estate Agency's Junior Sparks appears on the popular US reality television series, HGTV House Hunters International for the second time. Season 157, Episode 6 - Excess Baggage in Barbados.
Global Estate Agency has a stronghold on market tendencies, a well-established business model, and a long list of satisfied clients.
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Our sister company BarbadosExpatHomes.com focus on only the best rental properties for expats moving to Barbados and already living on island.
New website division launched for sought after properties for sale and rent, marketed exclusively by Barbados real estate mogul Junior Sparks. When you list your property with us exclusively, you get additional international marketing, aerial photography and website client login for 24/7 updates.
Over 300 Barbados property listings in our database and also we have access to over 100 external real estate agents' listings.