ALL Homebuyers should be PRE-APPROVED, not pre-qualified BEFORE they make an offer.
Being pre-qualified means that the buyer knows what the price of the home is and what the payments would be if they purchased the home. But this does not mean that the lender is willing to lend them that money to buy a home. Lenders have very specific guidelines they need to follow in order to lend money to homebuyers.
Being PRE-APPROVED means your credit has been checked and that your loan has been approved with some normal conditions (such as appraisal, no change in employment, etc.). It also means that the lender has evaluated you as a buyer in accordance with their guidelines and sees no immediate concerns with lending you the money to buy your new home.
At Homebuyer Representation, we recommend that all of our clients get PRE-APPROVED for a mortgage before going out to look at homes. This insures that you know in advance exactly how much you can afford and that your loan will go through. Being pre-approved adds credibility and strength to your offer. It is a powerful card in negotiations.
In Utah, most sellers ask for a letter of Pre-Approval to accompany all offers. And in a multiple-offer situation, having a PRE-APPROVAL letter versus just a pre-qualification letter, could be the difference that determines whether or not you get the home. If you are only pre-qualified, a seller may choose to accept a lower offer from a buyer that is PRE-APPROVED. A PRE-APPROVAL makes your offer much stronger and more attractive to a sellers and their agents.
Plus being PRE-APPROVED, also gives you, the buyer, the peace of mind that you will be able to purchase a home you have made an offer on. It means that your loan officer has determined that they will loan you the money for your home purchase.
Remember: PRE-APPROVED, not pre-qualified.
Exclusive Buyers Agents do not list homes and will not ask you to limit your level of representation. They will be 100% on your side during the transaction, representing YOU, negotiating on YOUR behalf and protecting YOUR interests.
- Do you have excellent credit?
- Do you plan to purchase a $400,000+ home within 60 days?
- Do you have a good down payment, or are you paying cash for your next home?
- Do you want an agent on YOUR side throughout your transaction?
- Do you have questions about buying a home in the Salt Lake area?
Don't leave things to chance. Get YOUR OWN agent!
Call or text us at (801) 999-8889 today for a free consultation.
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Salt Lake City, UT - Exclusive Buyer's Agents (EBAs)
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