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Are You PreQaulified or PreApproved? |
Many buyers do not know the difference between becoming prequalified for Charlotte real estate as opposed to preapproval. Prequalification simply means this:
Prequalification for Charlotte real estate means you've spoken to a lender regarding the purchase of a new home. You'll give the lender specific information pertaining to the home you're looking to purchase as well as information on your employment. They will then estimate what you would be qualified to purchase based upon the information you've given them.
Becoming Pre Approved for a real estate loan means that you have taken it a step further. You've actually met with a lender and supplied certain documents that they've asked for. These documents may be W-2's from your current as well as previous employers. They will also run a credit check and verify bank accounts that may be in your name too.
Receiving a loan commitment to purchase Charlotte real estate is another option and important piece of documentation that you may be required to present with your offer or after your offer. The loan commitment typically takes place after you have signed a contract. Depending on your state or how a real estate contract is drawn up, you may be required to receive a loan commitment from a lender within 10-15 business days. Many home sellers will ask for this commitment letter to make sure the loan process is going as scheduled.
For more information on Charlotte real estate and loan requirements feel free to contact us today.
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