Phillips Price Realty offers top-notch real estate services for 1st-time home buyers, 2nd-time home buyers, sellers, seniors, divorce and veterans. We also help clients who are looking to downsize and prevent foreclosure.
Did you know there are actions you can take to make your home sell swiftly? At Phillips Price Realty, we have a REALTOR® who is more than happy to help you sell or buy properties. We will make sure that you will get the right price for your property. Aside from that, we can give you specific guidance to help you sell your home faster.
We have access to extensive listings so you can have the liberty to choose the home that is perfect for you and your family.
For the most up to date property information visit www.Realtor.com.
The Difference Between Being Pre-Qualified and Pre-Approved
Getting pre-qualified or pre-approved for a mortgage loan gives you more concrete information about what you can and can’t afford. Here’s what those terms mean.
Getting pre-qualified for a loan is a very easy process. It’s an initial evaluation of your creditworthiness. You provide the lender your approximate income, the amount of debt you’re carrying, and any other important details from your credit history.
The lender uses these figures, which have yet to be verified, to calculate how much money you might be eligible to borrow. The lender may provide you with a pre-qualification letter, which has more details about your likelihood of obtaining a loan.
However, all information you provide during pre-qualification is subject to verification by the lender when you submit your actual loan application. There is no guarantee of a mortgage loan, as your financial situation has not been verified.
Pre-approval means that your financial situation has been verified by the lender. It’s more involved than pre-qualification but still relatively simple.
You will have to fill out a mortgage loan application and provide the necessary supporting documentation. The lender will examine your financial situation—your credit report, your employment history, your income—and decide what interest rate to offer and the maximum amount you would be permitted to borrow.
Although pre-approval provides more certainty to a borrower than pre-qualification, it also does not guarantee a mortgage loan. That involves other conditions, such as an assessment of the property you want to purchase or one that you’d like to renovate.
Before you make plans to spend your mortgage loan, make sure you know how much you can expect to borrow. Talk with your lender and get a professional examination of your financial situation.
We can help you find ways on how you can avoid losing your most valued possession—your property.
Thinking of relocating to Dallas-Fort Worth and need help finding a new home? We’re at your service.
We have Realtor® partners across the nation. If you are relocating out of the state, let us connect you with a professional who will take you from contract to closing with the expertise, knowledge, and care that you deserve.
For families or individuals planning to move into a smaller property, we can help you find the right home.
Feel free to reach out to our team today for more information about how we can help you.