To Everyone Looking to Buy in Savannah GA! This is for you.
There's something really important you need to know first - what's the difference between a pre-approval letter and a pre-qualification letter?
Mixing these up could mean losing your dream home, wasting your time, and possibly losing the deposit you put down when your offer gets accepted.
Check Out the Basics:
Prequalification: Imagine this as a first step. It's like when you estimate how much candy you can buy with the money in your pocket without actually counting it. You tell the bank about your job and how much money you make, but you don't need to show them any proof yet. It’s quick and easy, and you can do it before you even start looking for houses. Just remember, it’s not set in stone. 🤔
Preapproval: Now, this is the real deal. Think of it as the bank double-checking your piggy bank to see exactly how much you've saved. They take a good look at your job, your bills, and how good you are at saving money (that's your credit score). After they check everything, they tell you, "Yep, we can lend you this much money to buy a house." This makes you a VIP when you’re ready to buy your dream house. 💪🏠
So, Why Does This Matter to You?
Protect Your Savings: By knowing which letter you need, you make sure your money stays right where it should - with you! 💸🔒
Be the Buyer Everyone Wants: Having a preapproval letter makes you stand out. It shows sellers you're serious and ready, making it more likely for you to get the house you want, fast. 🏃💨
8 сен 2024
