It is useful for home buyers to understand the difference between loan pre-qualification and pre-approval. Pre-qualification, which in today's marketplace is usually done by mortgage brokers, means working with the buyers to determine how much they can afford and which loans are the most likely to be available to them. Loan pre-qualification can save buyers time and money and can even be a bargaining tool with a seller. However, pre-qualification is not the same as loan "pre-approval". The mortgage broker can often get the buyer a pre-qualification letter, but pre-approval must be issued by the mortgage lender.

Pre-approval means that the lender has definitely committed to loaning the buyer money, once the house itself is approved. Since it is a much stronger pledge, it is a much more valuable negotiating tool. When you hear someone talking about "pre-approval", they are referring to specific acknowlegment by a lender that they are willing to loan the buyer money. The real estate agent can be of assistance in this process.

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Alex Milshteyn, GRI, ABR
Howard Hanna Real Estate Services
1898 W. Stadium Blvd.
Ann Arbor, MI 48103
Office: (734) 418-2400
Cell: (734) 417-3560
Cecile Rock, Assistant: (734) 222-0805
Fax: (734) 661-6393
E-mail: alex@alexmi.com
Cecile Rock, Assistant: cecile@alexmi.com

Experience is what really matters in the real estate industry. With my years of experience you can be assured that your real estate goals will be achieved. Real estate is my passion and it is a career that I love. I enjoy working with people and helping them achieve their goals. There is never a challenge that I would pass up in the real estate world.

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