Understand the Difference Between Prequalification and Preapproval

2024-06-25T00:15:34-05:00

Have you been prequalified for a mortgage loan? Or preapproved? Are they the same? While both are steps in reaching homeownership, they have different meanings. What’s Prequalified? Prequalification is an informal process. You describe your financial situation—debt, income, and assets—and the lender estimates how much you may borrow. The lender may even consider a credit check, a soft one that should not affect your credit score. This process can occur over the phone, online, or in person. Becoming prequalified can prepare you for the next steps in buying a home and help you explore your mortgage options. What’s Preapproved? You will provide your lender with proof of your financial history. The lender will check your income, employment status, assets, debt, and pull a credit report on you. Documentation for this process can include W-2s, pay stubs, a summary of assets, and a copy of your mortgage statement if you already own real estate. Preapproval can be completed online with support from a loan officer if needed. If you get preapproved, you will receive a letter outlining the amount and type of mortgage the lender is offering along with terms. Preapproval is vital to the homebuying process. If you are considering buying a home, prequalification and preapproval will show you your borrowing options. That information will also help your REALTOR® understand what you can afford.

Understand the Difference Between Prequalification and Preapproval2024-06-25T00:15:34-05:00

3 Tips for Staging Outdoor Spaces

2024-06-04T01:31:05-05:00

You’ve cleaned your house and arranged the rooms to showcase the best features. But what about your outdoor spaces? Don’t underestimate the power of highlighting the exterior property to boost the home’s value. Here are three strategies to get your outdoor space looking as impressive as the inside: Enhance the Entrance Create a great first impression. Don’t let overflowing gutters, mildew on exterior stone, or peeling paint spoil the welcome. If needed, pressure wash the driveway, install a new door, or stain the fence. Remove Distractions Lawn decorations like statues and garden gnomes are fun ways to include your personality when living in your home, but buyers are looking for a home they see themselves in. Remember to put away gardening tools, yard equipment, and kid toys. Set an Expectation Just like you would do with a kitchen or living room, arrange the outdoor furniture to show potential buyers the extra opportunities to dine, entertain, and unwind. For additional advice and tips for preparing your home for sale, contact a REALTOR®.

3 Tips for Staging Outdoor Spaces2024-06-04T01:31:05-05:00

About My Work

Phasellus non ante ac dui sagittis volutpat. Curabitur a quam nisl. Nam est elit, congue et quam id, laoreet consequat erat. Aenean porta placerat efficitur. Vestibulum et dictum massa, ac finibus turpis.

Recent Works

Recent Posts