Know the Difference Between Being Pre-Approved and Pre-Qualified for a Pensacola, FL Mortgage

Pre-approved and pre-qualified are two terms Pensacola, FL home buyers often misunderstand during the mortgage process. By the end of this post, you will be able to understand the difference between the two. You are considered to be pre-qualified for a Pensacola, FL mortgage when a lender performs a basic review of your financial situation. Usually pre-qualification occurs early on in the mortgage process

Shopping for a Mortgage in Pensacola FL?

1. KNOW WHAT YOU CAN AFFORD. Before you visit the Pensacola MLS and start shopping for a Pensacola, FL home, review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities.

Pre-Approved Mortgages vs. Pre-Qualified Mortgages

You’ve undoubtedly heard the phrase, “Don’t put the cart before the horse.” This is true when speaking of the mortgage terms: prequalified and pre-approved.

Want Your Pensacola, FL Home to be Mortgage Free?

Are you tired of paying your mortgage each month? Here are a few helpful ways to pay your mortgage off early. To start with, make your mortgage payments biweekly instead of weekly.

Don’t Let the New Pensacola, FL Mortgage Policies Scare You!

Before real estate collapsed, all it took for a person to get approved for a mortgage was to have a heart beat and to be breathing. Lenders now are cracking down on people who are trying to be approved for mortgages. Lenders are trying to lower the amount of homes going into foreclosure due to people not being able to pay for their mortgage. Here are a few ways to help prepare those trying to obtain a mortgage.

Pre-Approved Mortgages vs. Pre-Qualified Mortgages

You’ve undoubtedly heard the phrase, “Don’t put the cart before the horse.” This is true when speaking of the mortgage terms: pre-qualified and pre-approved. Homebuyers easily misunderstand these often used mortgage terms, but rest assured after reading this article you will be well versed on the subject.