If you are a Kalamazoo MI home buyer or selling a Kalamazoo home, similar-sounding terms can have very different meanings. Is the buyer for your Kalamazoo MI area home for sale pre-approved?  Or is the buyer merely pre-qualified?   The answer can make a huge difference in the length of time it may take your home sale to close.

Buyers who are “pre-qualified” are those whose lenders have determined how much they can borrow based only on information the buyer has provided to the lender.  Typically the buyers credit rating has been verified, but not always.  Sometimes nothing has been verified to determine the buyer's true creditworthiness. The buyer still must fill out a loan application and go through the lender's approval process. 

For buyers who have been “pre-approved,” the lender has already done a credit check along with verification of employment and deposit.   The lender has reviewed paystubs, W-2 forms and satisfied themselves of the buyers ability to actually buy the home and pay for it.  The lender's pre-approval is a commitment to loan the buyer up to a certain predetermined amount. The only piece missing is the lender’s appraisal of the home to confirm its value.

An offer from a pre-approved buyer can trim days or even weeks off the closing process. When I assist sellers, I make sure I am dealing with offers from pre-approved buyers whenever possible.  Being pre-approved is an entirely higher level of committment on behalf of a prospective home buyer for my clients homes for sale in Kalamazoo.

The top choice for information about buying a home in the Kalamazoo, MI area OR selling a home in SW Michigan or investing in real estate, visit http://www.HomesofSWMichigan.com.
We've worked hard to make our website user-friendly AND comprehensive.
You'll even find a very easy system to search the Kalamazoo area MLS for homes for sale in Kalamazoo MI

If you or someone you know are in need of a competent and caring real estate professional in or near Kalamazoo MI, I hope you will contact me.