108: What’s The Difference Between Financial Pre-Qualification & Full Loan Approval?

Griffin Realty Group | Ask A Griffin Podcast by Danny Griffin

English - January 10, 2023 21:20 - 16 minutes - 14.7 MB
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You’ll often hear real estate agents ask if the buyer has been pre-approved. We should clarify that pre-approval is at the beginning of a full process of underwriting not only the buyer’s capability to borrow money and pay it back over time, but also a question of whether or not the property itself has enough appraised value to merit the loan. Never assume anything until underwriting gives a “clear-to-close.”

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