First Time Home Buyer Vocab

The main difference between a pre-approval and a loan application is that there is no specific property when a pre-approval is issued. A pre-approval means that your mortgage consultant will gather all the necessary information to give you a full approval, subject to a successful appraisal… giving you the same negotiating strength as a cash buyer. It also means that you will be able to close your loan quickly and the seller can move into their new home faster.