Simply put: Prequalification is an estimate on the home price and down payment you could see within our program. These numbers are determined by a few questions about your situation and household income. The goal of prequalification is to help you decide if moving forward and applying makes sense.
A couple notes on Prequalificaion:
1. We cannot submit an offer on a home for you with only a prequalification. That comes after approval.
2. I can’t tell you how many times someone has had a prequalification show one thing, but after a conversation with me, we found out they had other options.
Pre-approval, this comes after you’ve submitted an application and we’ve verified income. At this point, things have become official and we can begin submitting an offer on the home of your choosing.
A couple notes on Pre-Approval:
1. The application is $60 per person. Why? Because we have an in-house underwriting department and want to make sure they’re getting compensated for the work they do to get you approved. You could look at it this way: You’re paying $60-120 for an option. whether you decide to use it is up to you.
2. Final numbers on a property can only occur after you’re approved. Every estimate I, or the team, give during prequalification are subject to change in underwriting.
Get your next home, here: homeequitypartner.com/prequalify/