What’s the difference between a Pre-approval and a mortgage approval?

🎉 Pre-Approval vs. Mortgage Approval: Don't Get Them Twisted! 🏡💸

Hey there, future homeowner! 🌟Before we get too excited, let's make sure we're all on the same page: a pre-approval is NOT the same as a mortgage approval. Here's the scoop:

Pre-Approval ≠ Mortgage Approval:

Just because you got a pre-approval doesn't mean you have a mortgage in the bag. Think of it as a friendly nod from your lender, saying, “I like what I see & we might give you a loan based on your financial situation.”

Pre-Approval Basics:

This is your lender's initial thumbs up after checking out your income, debts, and credit score. It’s like getting a high-five for your financial situation—encouraging but not a done deal.

Why It’s Important:

Having a pre-approval helps you figure out your budget and shows sellers you're serious. It’s like having a VIP pass to the house-hunting party. 🎉

Conditions Apply:

This nod is conditional. You need to keep your finances steady—no big purchases or job changes—until after you close on your home. 🚫🛍️💼

Property Approval:

Even with your finances in check, the lender will still need to approve the property you want to buy. They'll ensure the house is worth the price and meets their criteria.

The Final Approval:

When you find "the one" and make an offer, the real work begins. Your lender will dive deep, checking your financials and the property. They'll ensure the house is worth the price and that nothing’s changed in your finances.

My Role as Your Agent:

As your licensed mortgage agent, I'll review all your finances up front for your pre-approval. I know what lenders are looking for, so you can be confident in your house shopping.

So, remember: a pre-approval is a fantastic start, but the full mortgage approval is your golden ticket! 🎟️🏡 Let's chat about getting you pre-approved and what you need to do to sail smoothly to full approval. 🌊✅