Some real estate companies – like GC Mansions – pre-qualify potential home buyers to assess how financially stable they are. Though the pre-qualification process is not a guarantee for loan approval, it can help the borrower understand whether they are a strong applicant or not. Sometimes the real estate company can help improve the buyer’s chances to get approved.
What’s the difference between getting pre-qualified and pre-approved?
Not much, actually. The two terms can be interchangeable, and use of both terms will vary from lender to lender. If a lender uses either term, the applicant can ask for a detailed explanation.
Three steps to pre-qualify
Again, the process of pre-qualification will depend on the lender, but these are the usual common steps.
- Select one or more lenders – Apply online to pre-qualify with a bank, credit union, or online lender. Some real estate companies help the borrower select where to pre-qualify.
- Provide the lender with the correct basic personal information – This may include address, income, employment details, and the amount to be borrowed. Make sure you provide all information honestly. Some lenders may ask for more information to facilitate their credit check.
- Wait for the lender to review the information – The lender needs to perform a soft credit check enquiry (or in some cases, a hard credit enquiry if time allows it) before deciding if the borrower pre-qualifies for a loan. Honestly, any borrower who wants to pass pre-qualification needs to make sure they have a good credit score and with no outstanding loans still being paid.
When you get in touch with GC Mansions, you can apply for your brand new luxury Gold Coast mansions home with the smallest deposits using our low deposit home solution. We will also help you get pre-qualified with our home qualification criteria with just a few simple steps. Get started with us by enquiring at our website, https://gcmansions.com/.