Difference between pre-qualification and pre-approval
Pre-qualification is an informal assessment of one’s financial situation based on self-reported information. It can give a buyer an idea of how much s/he might be able to borrow.
Pre-approval is a more formal process where a lender verifies the buyer’s financial information (income, assets, credit score) and provides a conditional commitment for a specific loan amount. This can help strengthen an offer on a home.
What are closing costs?
Closing costs are fees and expenses that are paid at closing. They typically include fees for services such as appraisal, title insurance, attorney fees (if needed), loan origination fees, and taxes. These vary depending on location, lender, and the specific details of the real estate transaction. Who pays for closing costs varies depending on the terms negotiated in the purchase agreement and local customs – in simple terms, they are negotiated between the buyer and seller as part of the purchase agreement.
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Marie Sells Dallas 