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Arrange Financing: Part 3


Pre-approvals are a little more involved and can take a few days to a week to prepare. This is comparable to the beginning steps of the loan process. In addition to the pre-qualification basic financial items, a credit report will be pulled to assess credit worthiness and a more thorough look at income and debt. Additionally, the lender will look for sources of down payment.

Pre-approvals tend to carry more weight in Seller’s minds when reviewing offers because they know the Buyer has gone through a more thorough review of their finances with a lender. Also, since pre-approvals are more detailed, much of the actual work for a Buyer is completed and this can reduce issues occurring up to closing time.

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