Pre-Approved vs. Pre-Qualified
Pre-qualified does not mean anything to the seller, REMENBER the sellers have been through the process already some time before when they bought so they know what Pre-qualified means. Pre-qualified it's just telling the seller that your credit it's been checked not necessarily mean that you can afford X price for the property
"Pre-approved". This happens AFTER all information has been checked and verified and submitted, such as employ income, credit, income tax returns, bank statements(assets), and then. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. Its VERY STRONG tool to prove to the seller that you are serious on buying a house.
Note: In case you are an owner looking to buy but first you have to sell, our only tip that always works is that your present property must be sold first or put it for sale first on the market, or even better yet get the buyer under a purchase and sale agreement first. So you can go on and now look for the future home. (There are other ways which you don't have to seller the present home)
