1) It’s important that we get you prequalified. Looking beyond that, it’s more important that we get you pre-approved. There’s an important difference between qualification and approval.
2) Pre-qualification is normally something that can be done by a lender in a very short period of time. They’ll ask a few questions about your employment—whether you’re self-employed or on a payroll—and they’ll do a quick credit check. Based on that brief conversation, they’ll issue a pre-qualification.
3) Qualification is nothing more than a few pieces of paper that says a lender has talked to you on the phone. They may or may not have pulled your credit. Based on the information that you provided to them verbally, the lender thinks that you’ll be able to get a loan.
4) Many agents rely on pre-qualification alone. However, we prefer to have a pre-approval letter because certain seller’s agents may not allow that qualification to carry a lot of weight.
5) Regardless of the amount of down payment you want to make, you need to be pre-approved. Being pre-approved means that you are the equivalent of a cash buyer— meaning you’ve got your cash coming to the table, and the bank has their loan coming to the table. That will make our offer as competitive as possible when we present it to a prospective seller. The higher your level of approval, the more weight that our offer will carry, and the better negotiating position we’ll be in.
6) We don’t want to guess what your price range is going to be. There’s nothing worse than going out, looking at houses, and finding the perfect house, only to discover that it costs $10,000 more than what you can afford.
7) One of the great things about working with a Keller Williams agent is the access you have to Keller Mortgage ZeroPlus. KW agents and their clients benefit most by eliminating traditional costs from such things as origination and lender fees and passing the savings directly to the customer with the same low rate. To find out more click here.