Getting a home loan is probably one of the biggest obstacles that buyers need to overcome when purchasing a home.  One of the most frustrating things that can happen to buyers and maybe their agents, especially first time home-buyers is finding a home that they love and then finding out that they cannot qualify for a loan for the amount needed to complete the purchase.  Getting pre-approved for a loan is a great place to start but actually getting approved for the loan is be different, so what is the difference between the 2, or is there a difference?  I am here to tell you that there is definitely a difference and it is not just a play on words. 

When a person gets pre-approved or sometimes called pre-qualified for a home loan, they provide the loan officer with pertinent information that is needed on the loan application.  Most of the time the loan officer will review the information provided and as long as the buyers fit within the limits they will write a letter that will show that the buyers is pre-approved for a loan but nothing is verified or backed up with proof of what was provided. 

Getting approved for a loan is differs because the information is verified.  When working with the right loan officer buyers should get approved for a loan prior to making an offer on a property.  By having a approval for a loan, buyers can negotiate with power and some ways it is almost as good a having cash.  There will still be some conditions that will need to take place to close the loan some of the conditions would include an acceptable appraisal on the property as well as clear title.  After getting approved for a loan it is important to maintain the same financial situation through closing, buying a car or changing jobs in the middle of the transaction will in most cases change the outcome of the approved loan. 

It has been my experience that there are very large differences from one loan officer to the next.  If you are in the market for a loan, please contact me and I will guide you in the direction of a loan officer that will get you an approval that you can trust as well as eliminate a lot of the headache that can go along with the process.