This mortgage process decision makes the difference between getting or losing your house.

Edgar DeJesus • October 8, 2020

Pre-qualification or Pre-approval, One is more important than the other when it comes to getting a mortgage. Find out which is better and why.

You were looking at homes and came across a home you love. You contacted the real estate agent, and she introduced you to her mortgage broker who pre-qualified you.

The pre-qualification process only took five minutes to complete, and in less than thirty minutes, you received your pre-qualification letter. You were able to make an offer on your dream home.

Shortly after that, the real estate agent let you know that your offer was not accepted due to a multiple bid situation.

It’s impossible. You offered full price and did no negotiating. How could you lose the house!

The simple reason you lost the house is the seller accepted the offer made by the pre-approved individual and not your offer because you were only prequalified.

The other buyer took the long route and due diligence to submit all of the initial documentation. They completed a full mortgage application and even allowed the mortgage broker to run their credit. The seller had the reassurance that this individual would not have any problems completing their financing process. A lot more work for the other buyer, but they got their dream home.

Fortunately here at Treasure Coast Mortgage Info we only provide mortgage pre-approvals ensuring you don’t lose your next home.

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Call or text 561-223-9347 or email edgar@treasurecoasthomeloans.com to discuss your loan.

Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by the borrower(s). A loan is only approved when the lender has issued approval in writing and is subject to all lender conditions. Any specified rates and terms are contingent upon loan approval and are subject to change without notice due to unpredictable market conditions. Innovative Mortgage Services, Inc. is a Florida licensed lender. Company NMLS #250769. Originator NMLS # 230414. Florida Mortgage Lender License, License/Registration #: MLD178 Florida. Mortgage Lender Servicer License, License/Registration #: MLD2167 Equal. Equal Housing Lender

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