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RainyDay
LIF Adult
Member since 6/15 3998 total posts
Name:
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Prequalified vs Preapproval
Is there a reason to get prequalified if you already have a preapproval? Isn't a preapproval better since they already have your financial docs and ran your credit? I am being told by an agent that's it's good to have a prequalification as well. I remember the last time we bought a home we were able to just get a prequalification based on the verbal info we gave the bank.
Does being prequalified in addition to being preapproved actually make your offer stronger? I was just always under the assumption that preapproval is what really counts.
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Posted 4/8/19 6:31 AM  |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Prequalified vs Preapproval
When I was house hunting last year, I had a pre-approval. There was no need for a pre-qualification in addition to that. A pre-approval is much stronger than a pre-qualification. Can't imagine why you would need a pre-qualification if you already have a pre-approval.
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| Posted 4/8/19 8:47 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Prequalified vs Preapproval
Approval is stronger. If you have that, the qualification is meaningless.
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| Posted 4/8/19 9:19 AM |
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RainyDay
LIF Adult
Member since 6/15 3998 total posts
Name:
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Re: Prequalified vs Preapproval
Posted by Katareen
Approval is stronger. If you have that, the qualification is meaningless.
That's exactly what I thought but my agent is pushing for us to get a prequalification in addition to preapproval because its much better when making an offer. I am starting to get the vibe that she is clueless and confusing the two.
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| Posted 4/8/19 9:57 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Prequalified vs Preapproval
I would ask her why she thinks both are necessary?
Very strange
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| Posted 4/8/19 10:08 AM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Prequalified vs Preapproval
If you are pre-approved, you are pre-qualified.
LOL
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| Posted 4/8/19 10:09 AM |
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RainyDay
LIF Adult
Member since 6/15 3998 total posts
Name:
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Re: Prequalified vs Preapproval
Posted by NervousNell
If you are pre-approved, you are pre-qualified.
LOL
That is what I thought. I honestly feel like she is confusing the two
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| Posted 4/8/19 10:20 AM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Prequalified vs Preapproval
Posted by RainyDay
Posted by Katareen
Approval is stronger. If you have that, the qualification is meaningless.
That's exactly what I thought but my agent is pushing for us to get a prequalification in addition to preapproval because its much better when making an offer. I am starting to get the vibe that she is clueless and confusing the two.
Find a new agent. Yours doesn't sound very knowledgeable. There are so many complex parts of buying a house where you will want someone to help you in the process. This would be a red flag to me.
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| Posted 4/8/19 10:49 AM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Prequalified vs Preapproval
Posted by Katareen
Approval is stronger. If you have that, the qualification is meaningless.
This is what we thought too. Being prequalified means nothing
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| Posted 4/8/19 11:07 AM |
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