REALTOR Steve Stewart (DRE#01849518), Keller Williams Realty, Palm Springs, stevestewart@kw.com. Copyright 2011 All rights reserved

Pre-Qualification and Pre-Approval

Many buyers apply for a loan and obtain approval before they find the home they want to buy. Why?

Pre-qualifying will help you in the following ways:

1. Generally, interest rates are locked in for a set period of time. You will know in advance
exactly what your payments will be on offers you choose to make.

2. You won’t waste time considering homes you cannot afford.

Pre-approval will help you in the following ways:

1. A seller may choose to make concessions if they know that your financing is secured. You are
like a cash buyer, and this may make your offer more competitive.

2. You can select the best loan package without being under pressure.