Get Pre-Approved, Not Just Pre-Qualified!

One of the biggest mistakes buyers make is not getting pre-approved—they settle for being “pre-qualified” instead. The difference is huge. A pre-qualification is just a quick estimate based on your stated income and what you think you credit score is. A pre-approval, on the other hand, means the lender has verified your credit, income, and financial stability.

Sellers and their agents know the difference, too. Most people (Sellers) are risk-averse, meaning they would rather take a “sure thing” rather than take an offer from a risky buyer. A true pre-approval shows you’re a serious, qualified buyer, which can give you a competitive edge – sometimes even getting you a better price! Plus, it helps you know exactly what you can afford before you start shopping.

You can get pre-approved for free right on the House Karma site with our Loan Depot partner. Just click the link, fill in your info, and you’ll have added negotiating power when buying a home. You will also know exactly what your budget looks like – with no surprises later!