- Affinity Realty Group
Why Do I Need to Be Pre-Approved?
Just as a crocus is the first sign of spring, a pre-approval is a sign you are ready to buy a home.

What is the difference between Pre-Qualified and Pre-Approved Mortgage?
Pre-Qualified: Pre-qualifying is just the first step. It gives you an idea of how large a loan you’ll likely qualify for, and more importantly, how large of a monthly payment you are comfortable with. Typically, a pre-qualification is the first step, and it is not always accepted by sellers/listing agent with a contract to purchase.
Pre-Approved: Pre Approval is the second step, a conditional commitment to actually grant you the mortgage. Most Pre-approvals are good for 60-90 days.
If I am not Pre-Approved, how can a RealtorⓇ help me?
A RealtorⓇ can recommend several lenders and you can shop to find a fit for your needs.
A RealtorⓇ has experience and knows which lenders can get the job done.
A RealtorⓇ can follow up and be sure all the deadlines and tasks are met.
How a Pre-Approval Helps You:
You KNOW how much home you can afford and can apply this formula to any home in which you have an interest. That includes any repair or renovation, HomeOwner Association fees, Taxes etc.
Your offer can be more competitive – very important in first-time buyer price point-This market is very competitive!
You will be alerted to potential problems and can fix them before you make offers. You will be prepared.
Common First-Time Home Buyer Mistakes:
Not figuring out how much house you can afford
Getting just one rate quote
Not checking credit report and correcting errors
Making a downpayment that’s too small
Not researching first time home buyer programs
Ignoring VA, USDA and FHA loan programs, if applicable
Not knowing about whether or not to pay points
Emptying your savings
Applying for credit before the sale is final – including making any other major purchases
Shopping for a house before a mortgage
Underestimating the costs of home ownership
Miscalculating renovation and repair costs
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