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Heritage Realty
5265 N. Academy Blvd.
Colorado Springs, CO
Toll Free: (866) 245-3952
Phone: (719) 548-0400

Buyers Resources

-The Setup

Types of Agents
How to Select an Agent
Prequalified or Pre-Approved
7 Reasons to buy a home
Moving with Teenagers

-The Selection

How to Find a Home
50 "Things To Watch"
when viewing a home
9 Types of Loans You Should Know

-The Sale

What is a Sales Contract
Finding Quality Inspectors
10 Ways to Ascertain a Down Payment
How Lenders Approve Loan Applicants
Definitions of Closing Costs

The Difference Between Pre-Qualified and Pre-Approved.

The current mortgage market is extremely competitive. Lenders must have an informal "measuring stick" in order to offer their clients a product. In order to establish your bargaining power with home sellers, buyers need to get Pre-Qualified for a loan. Thus a Pre-qualification is the informal measuring stick. Pre-approval is the lender's commitment that they can offer the mortgage, subject to a specific property. Pre-approval is subject to a lender check. *

Pre Qualification- Pre-Qualifying for a loan entails sitting down with a lender and discussing what you can afford given your down payment (if necessary), debts, and future mortgage considerations. This meeting in no way allows the lender to check up on your credit, job history, etc. without you signing the authority to do so.

Pre Approval- Pre-Approval is granted by your lender only upon approval and verification of your credentials, your income, debt load, credit report, and more. Some Lenders find the information from your previous tax returns sufficient. Other requests range from proof of employment, to the need for a co-signer. The sheer number of options involved in borrowing the money for your new home do not allow for all facets to be covered here. Talk to your Agent for more detailed options for you.

* checking income, assets, credit responsibilities, etc.

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Colorado Springs New Homes Connection
Your Colorado Springs Homes Source!
Email: ForSale@NewHomeConnection.com
Local Phone: (719) 593-0593
Toll Free: (866) 245-3952

Buyers Resources

The 3S Approach

-The Setup

-The Selection

-The Sale