The advantage of a Pre-Approval VS a Pre-Qualification
So you’ve received your Pre-qualification and now your ready to submit your bid on that perfect home. But there’s a problem, there is another buyer who’s bidding on the same property as you and he has a Pre-approval. His bid will be considered first in line before you, who only has a Pre-qualification and here is why.
A home buyer who has been Pre-approved for financing, is a buyer who has gone the extra length of submitting their supporting documents needed for their mortgage, with a specific lender, and has been approved for a specific loan amount and is ready to close on a home immediately.
There are many ways to have the upper hand when shopping for a new home and landing in the #1 spot of what you need to do first is to get Pre-approved for your mortgage.
To start all you have to do is make a phone call to your local broker, who has access to all the local bank programs and rates, to guide you to what will work best for you.
Contact John Sauro,
North Atlantic Mortgage, Corp.
1-877-794-5363
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