What,Pre-qualifying,and,Pre-ap business, insurance What do Pre-qualifying and Pre-approving Mean?
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When we apply for a home, we often hear our agents sayingthat we are pre-qualified or pre-approvedHowever, not many people know whatthese words meanIf you have plans to buy one of the Boston luxury apartmentsthen you should know the differences by now.Pre-approval is the stage when thelender sends you a document confirming you a loan up to a certain amount basedon the application form you have filled up, credit check, and maybe on your taxreturns and employment verification.Pre-qualification, on the other hand, is aletter sent by the lender stating that they can lend you an amount based on theinformation of your financial situation you will provide to the lender duringyour meeting.However, neither of these two documentations is a guarantee thatthe lender can give you the loan amount in a short period of timeThis isbecause everyones financial status can dramatically change as the loan closingdate comes closer.Therefore, if you chose to buy a house over renting anapartment from the available Boston luxury rentals, it is important to notethat you are subject to a last minute credit check as well as fund verificationalong the way until the closing date comesHowever, if you didnt have anyproblems with your finances throughout the escrow period like you were able tokeep your job, maintain a good stream of income and the like, you need notworry about the last minute credit checks and your loan will most likely begranted.Now that you know the difference between the two documentations, alwayskeep in mind that these documentations do not require the lender to grant aloan or you to take your desired loaned amountThe moment you receive thesedocumentations, this only means that you can now take the first step insubmitting your offers.It is also important to note that, you will not beapproved on your home loan until you have found the house you want to purchase.Ifyou find it too complicated, you can opt to rent an apartment insteadFenwayapartmentsare just a few of the many great places to stay while in the BostonareaThe process for renting an apartment in Boston is a lot simpler thanapplying for a home loanFurthermore, renting has some unique advantagesScienceArticles, such as not needing to worry about property taxes or potential thingsthat could go wrong with the property.
What,Pre-qualifying,and,Pre-ap