Buying Your First Home : Part 1
Home Loan Pre-Approval versus
Pre-Qualification: Pre-Approval is best
It’s important to know in advance if you qualify for a home loan to purchase a home, and if you do, just how much home you can afford based on your income and personal needs. When you enlist the services of a real estate agent to act as your Buyer’s Agent (which is strongly recommended), he or she is likely to ask you for a “Prequalification Letter” before showing you available properties. Understandably, a real estate salesperson wants to be sure that his or her time be spent working only with qualified buyers.