Myrtle Beach South Carolina What's the difference between prequalified and preapproved

What's the difference between prequalified and preapproved

What's the difference between preapproved and prequalified for mortgage? It's a question I get asked all the time and there's a big difference between the two. When searching for a home you can get pre-approved or prequalified for a home loan. They sound familiar but s when searching for a home you can get pre-approved or prequalified for a home loan. They sound familiar but somethere are some important differences between the two options. Should I get prequalified or preapproved for a loan? Myrtle Beach in the grand Street market is on fire and you have to move quickly in order to buy a property due to all the bidding wars. Being prequalified basically means getting a lender to tell them your general income, what do you think your credit score is, and what your debts are. They give you a rough idea of what the loan you, but in my opinion, it's not worth the paper it's written on. Because if you're not ready when you put an offer in… You're going to lose. It happens every day. Been preapproved is a different story! That means providing your bank statements, A real credit check, and the lender making sure that they won't be any roadblocks for you during your lending process. Some lenders out there, we take the preapproval process all the way to the appraisal. At the process typically takes 21 days. If you can offer to close within 20 days, it gives your offer an edge and gives the seller the comfort knowing that they've taken the extra steps to get pre-approve. If you need a recommendation for a great local lender, we be more than happy to provide that for you. Unfortunately, there are far too many lenders out there who aren't reliable and don't do the things that they say they're going to do. If you have other questions about real estate here in Myrtle Beach, can always give me a call or send us an email our team is here to help! Jerry Pinkas real estate expert 604 N. 27th Ave., Myrtle Beach, SC 29577 843-839-9870 -~-~~-~~~-~~-~- Please watch: "Questions To Ask When Buying A Home | Jerry Pinkas" https://www.youtube.com/watch?v=i4v1QLaVJo0 -~-~~-~~~-~~-~-
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