Prequals & Preapprovals Are Not The Same
The terms “prequalification” and “preapproval” are often used in the context of obtaining a mortgage, but they have distinct meanings and implications for your homebuying journey.
Understanding what you are submitting with your home purchase offer can make a significant difference if you are trying to purchase a home in a competitive market. Generally, seller’s want the highest price WITH the best chance that the deal will close without delays or problems. So, in addition to making a solid offer, sellers will also assess the strength of a buyer’s financing offer. This is where preapprovals can make a difference.
Prequalification
Preapproval
In summary, while both processes help borrowers understand their borrowing capacity, preapproval carries more weight and reliability in the homebuying process.
Preapprovals At GRB
GRB offers preapprovals for a wide range of mortgage programs. Click to find out more about making your strongest offer with:
FHA
Lower down payments, great for first-time homebuyers.
USDA
Financing options for rural properties.
VA
No down payment loans for military veterans.
SONYMA
State of New York program for first-time homebuyers.
Cash+
GRB’s signature preapproval & guarantee program.
Portfolio
Flexible options for unique properties or financing needs.
Conventional
Options for buyers who can make larger down payments.
