Pre-Qualified? Pre-Approved?


It's well-known that a "cash buyer" has a distinct advantage over other buyers. Although not many of us are able to pay cash for a home, now there is a way to obtain a mortgage and have all the advantages of a "cash buyer."

In recent years, many of the most forward-thinking mortgage companies have implemented pre-approval programs that allow you to receive loan approval before you find the right property. Pre-approval means that the required loan documents, tax returns and credit reports have been submitted, reviewed and approved. Employment, income, bank balances and debts have been verified. All that remains is an acceptable appraisal on the chosen property.

Don't confuse pre-qualification with pre-approval. Usually, pre-qualification is just a quick, non-binding opinion of how much you may qualify to borrow based on your income-to-debt ratios and, perhaps, a review of your credit reports. Pre-approval replaces all the "ifs" in a pre-qualification letter with one big, "yes!"

A pre-approved loan can give you a tremendous advantage. The seller may select your purchase offer over other competing offers. A pre-approved loan can also allow you to close the transaction within a very short period of time--usually a week or two.

If you're thinking of purchasing soon, I'll be happy to recommend several quality lenders who offer pre-approval programs for a variety of loans. Just give me a call at the number at the bottom of the page.




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Compliments of

Bud Lewis
Owner and President
Re/Max Unlimited, Inc. | 3300 South Parker Rd. Suite #100 | Denver, Colorado 80014
303-671-3005 | E-mail:homes@qwest.net



This article is not intended to provide specific advice, but rather to provide insight into matters that we feel are useful. As always, seek professional advice prior to taking any action.

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