From the Blog

Loan Pre-Approval vs Loan Pre-Qualifying – See The Difference

NoVa Real Estate Group presents a quick video – click below to see the differences between Loan Pre-Approval and Loan Pre-Qualifying.

Loan Pre-Approval vs Loan Pre-Qualifying

Loan Pre-Approval is just that, an actual ‘approval’ from a lender based on a more thorough review of a buyer’s financial situation.

Loan Pre-Qualifying is a no-commitment, no-document ‘opinion’ from a lender of the loan amount a buyer could ‘qualify’ for, and is based on a couple of pieces of information.  It’s not as thorough.

Loan-to-value Ratio is the amount of money you borrow (loan amount) compared with the value – list price or appraised value – of the home you are purchasing.

At NoVa Real Estate Group, we’re Realtors® and expert Buyer’s Agents – we’re the professionals who help Home Buyers get just the right house in just the right neighborhood.  And we always recommend that home buyers connect with a Mortgage Broker or Loan Officer, the expert at guiding you through the loan process, and do it very early in the house hunting process.

First Time Home Buyer?  Haven’t been in “house hunting” mode in a long time?

Click Here – “Only 8 Steps to Home” is our FREE Home Buyer’s Guide for First Time Home Buyers (and people who haven’t been in “house hunting” mode in a long time!).  It takes you through the process, including some great advice on financing and on picking the right professionals to help.

Call 703-722-8831 for help in finding your next home in Loudoun County or anywhere in Northern VA … or if you just want an introduction to the expert Loan Officers we use ourselves!

Striving to be the Best Realtor in Loudoun:
Michael Wilson
NoVa Real Estate Group
Connect with us:On Facebook @ Loudoun County Real Estate
Loan Pre-Approval video image