Real Estate's Perfect Addresstm Shreveport/Bossier City (Northwest Louisiana) Realtors Since 1993 ...Mostly For Buyers...

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Pre-qualify To Buy

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Getting Pre-Qualified

To pre-qualify for a loan is to get an informal opinion of your financing ability, usually based on an in-file credit report, a single FICO score, income, expenses, and debt, unverified by the lender. This information is derived solely from what the applicant tells the lender. While this is better than nothing, it is a approval with a lot of "subject to's." Pre-qualified does not count for much when you are competing with buyers who are pre-approved. You have very little credibility with them. Also, the lender is not bound to make the loan when you are ready to buy. Remember, pre-qualifying means no lender verification of assets, liabilities, income or expenses and does not consider the full Tri-Merge credit report pulling information from the 3 main credit repositories. (Experian, Trans-Union and Equifax.) You have marginal credibility with a seller.

Getting Pre-Approved

Pre-approval means that all financial information about you has been verified by the lender. The lender has committed to make the home loan when you find a home. In a financed real estate sale, both buyer and the home must qualify. This removes any doubt about the buyers purchasing ability.

Pre-Approval's advantages:

A.	The lender is committed to make the loan.
B.	Maximum buying power resides with the buyer.
C.	Buyer has peace of mind-can qualify for sales price.
D.	No waiting time to make offer when home is found.
E.	Your financed offer makes you as a CASH BUYER.

Get pre-qualifed or pre-approved - you be the judge.