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500 Faulconer Drive
Charlottesville, VA 22903 Email: lenmailloux@NUMBER1EXPERT.com Phone: 434-984-7404
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It is useful for home buyers to understand the difference between loan pre-qualification and pre-approval. Pre-qualification, which in today's marketplace is usually done by mortgage brokers, means working with the buyers to determine how much they can afford and which loans are the most likely to be available to them. Loan pre-qualification can save buyers time and money and can even be a bargaining tool with a seller. However, pre-qualification is not the same as loan "pre-approval". The mortgage broker can often get the buyer a pre-qualification letter, but pre-approval must be issued by the mortgage lender.
Pre-approval means that the lender has definitely committed to loaning the buyer money, once the house itself is approved. Since it is a much stronger pledge, it is a much more valuable negotiating tool. When you hear someone talking about "pre-approval", they are referring to specific acknowlegment by a lender that they are willing to loan the buyer money. The real estate agent can be of assistance in this process.
Len Mailloux Better Homes and Gardens Real Estate III 500 Faulconer Dr. Charlottesville, VA. 22903 Office : 434-984-7404 Cell: 434-981-1972 Fax: 434-984-7489 Email: lenmailloux@NUMBER1EXPERT.com
Len Mailloux is one of America's NUMBER1EXPERTS� He has been named by Unique Homes magazine as one of the top real estate professionals in the country. Len's reputation for matching people with properties, exceptional marketing and advertising strategies, knowledge of the market and love of the area are qualities upon which his clients rely. Just call or contact him by e-mail today!
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