Main Content

Get pre-approved

Get pre-approved

Does it Help to be Pre-Qualified by a Lender?

The pre-qualification process can be completed fairly quickly, based on less information than is required for getting pre-approved. While it is fast and it does help, a pre-qualification letter is an opinion from a lender of the maximum amount of real estate you can qualify for. In a competitive seller’s market, an offer from a buyer with a pre-qualification letter could lose out to a person who is pre-approved.

Get Pre-Approved by a Lender

There are several benefits to going the extra mile and getting a pre-approval letter. First of all, you will know exactly how much real estate you can afford. When you find a property you want to buy, your offer will be in a better positioned than someone less prepared. Finally, being pre-approved is more efficient; it reduces the amount of time it will take your lender to fund your loan. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:

  • Job and career status
  • Monthly debt payments
  • Total assets and debts
  • Income
  • Cash available

The Jenny Maraghy Team consists of over 26 expert agents and a 6-person administrative team representing buyers and sellers across Central Virginia. We have earned thousands of clients trust. Let us earn yours.

Submit A Message

Call or text us at 804.405.7337 send us an email at [email protected] or leave us your contact info and we'll be in touch.

    Want to be kept in the loop
    of what's happening in

    Richmond
    Real Estate?

      Skip to content