Colorado Springs Vintage Homes Blog

Archive for October 29th, 2008

Pre-Qualification or Pre-Approval, which do you need to buy a home?

Pre-approval or Pre-qual?

For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com

Colorado Springs home buyers should be pre-approved (or at least pre-qualified) for a home loan BEFORE looking at homes for sale.

Not only is it good for you, as you know how much you can afford according to the lender; but, its good for the seller as the buyer can  include the “pre-qual” or “pre-approval” letter in with the contract which shows the seller that the buyer is serious enough to obtain the first steps in the lending process.

 A Pre-Qualification for a loan is the 1^st step toward home buying.  It means that a lender has looked briefly at your credit score and income and determined that you have the potential to be approved for a loan. Read the rest of this entry »

Tags: Colorado Springs Homes, Colorado Springs homes for sale, colorado springs realtors, conventional loans, FHA loans, lenders in Colorado Springs, loans for home, Pre-qualification letter, VA loans