Pre-Approval and Pre-Qualification in Dane County

By January 19, 2018August 13th, 2021Mortgage and Residential

When a home hits the market, that same weekend, they’re seeing a handful of offers right away, and that’s why it really is crucial to have a preapproval letter so that these people know when they’re weeding out offers that this one is reliable.

What is the difference between Pre-Approval and Pre-Qualification?

A pre-qualification, we review income and current expenses to help set a reasonable budget to begin a home shopping process. There are so many variables that go into it. Whether it’s a condo, a single family home, taxes, home owner’s association dues. It is a ballpark. It can’t be exact. A pre-approval, we take those steps further and we review credit history and verify assets to ensure sufficient funds to cover down payment and closing costs.

Is there anything unique about the pre-approval process in Dane County?

In this market, I’d recommend having a pre-approval letter. In the market we’re seeing in Dane County, where someone may see multiple offers as soon as their home hits the market, it’s very important to have a reliable pre-approval letter. I think that’ll help your offer get stronger consideration when competing with other offers.

How does the Pre-Approval process involve my Real Estate Agent?

It all depends. We want to work with that realtor. We like having direct contact. If they need a letter because somebody is visiting a particular home that evening and would like to have a letter so they’re ready if they do submit an offer, that’s what we want to do for them.

When should I first meet with a Mortgage Lender in the home buying process?

It’s never too early to connect with a local lender to discuss what your goals are and set a budget and review your credit history. We hope that our service earns your business.

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