Close

Main Content

Get Pre-Approved

Does it Help to be Pre-Qualified by a Lender?

The pre-qualification process can be completed fairly quickly, based on less information than is required for getting pre-approved. While it is fast and it does help, a pre-qualification letter is an opinion from a lender of the maximum amount of real estate you can qualify for. In a competitive seller’s market, an offer from a buyer with a pre-qualification letter could lose out to a person who is pre-approved.

Get Pre-Approved by a Lender

There are several benefits to going the extra mile and getting a pre-approval letter. First of all, you will know exactly how much real estate you can afford. When you find a property you want to buy, your offer will be in a better positioned than someone less prepared. Finally, being pre-approved is more efficient; it reduces the amount of time it will take your lender to fund your loan. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:

  • Job and career status
  • Income
  • Monthly debt payments
  • Cash available
  • Total assets and debts

Custom Download Section

Black Crown Download
The App
Stay ahead of the market 24/7,
Download our app
The Black Crown Inc. mobile app provides the most thorough home search functionality and the latest inventory directly from the MLS. Constant updates will always keep you ahead of the market as you locate new homes for sale, upcoming open houses, and recently sold properties.
Download Black Crown Realty

Black Crown Realty is available now for your smartphone or tablet.

App Preview
App Preview