Preeapproval versus PreQual | Mission Viejo Realtors

– So, another important
step in purchasing a home outside of having the best agent, is getting pre-approved. So why does one need an approval, rather than just a prequalification? Hi, I’m Latrice Deluna, your Lake Forest and Mission Viejo real estate expert, and it can end up costing
you thousands of dollars if you truly aren’t qualified. And by thousands, I mean
that good faith deposit. Now, I’ve helped save buyers from making huge mistakes when purchasing, that could cost them a lot of money. A prequalification is not a true approval. It’s the initial step in
the home loan process, where you discuss your financial situation with a loan officer,
but nothing is verified. The approval is where the buyer
actually provides the lender with all of the necessary documentation that tells them what
they are approved for, which loan product is
the best option for them, and it gives the buyer a better
idea of their interest rate. Now, when you go through
the entire approval process, the loaner has done things like: verified your employment, seen your taxes, looked
at your bank statements. They’ve truly verified
everything you will need in order to let you know
how much they will loan you, and what your payment will be. It’s essential that you do this. Otherwise, you could stand
to lose your initial deposit, and any money that you’ve spent on things like inspections
or the appraisal. Be thorough during this process. Call me, and let me walk
you through the safest and most strategic way
to become a homeowner. And don’t forget, it’s free
to have a agent represent you. The seller pays for my fees, but I am solely here to
protect your best interest. Again, I’m Latrice Deluna, and as always, I’m happy to help! (upbeat, positive music)

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