Appleton | Green Bay Wisconsin Home Mortgage and Real Estate Resources

What New Homebuyers MUST Know About Getting Pre-APPROVED in 2010 –

Kim & Bill could have saved themselves from this heartache if they would have been formally PRE-APPROVED. It is so important to understand the difference between a pre-qualification and a pre-approval... In fact, it is highly recommend you get a written Pre-Approval Letter before you go any further in the home-buying process. 

Let's take a look at the differences . . . 

What is pre-approval?

It's basically a quick-and-dirty look from a lending institution at your creditworthiness. With a pre-approval letter in your hand, you're immediately in a stronger negotiating position with any seller, not to mention the peace of mind knowing that when you get the offer accepted, you are likely to get the keys to your new home...

But be aware that there are two types of "pre" letters:

  • Pre-qualification is an informal agreement between you and your lender. The bank gives their opinion on how much they think they will be able to lend to you based on imortgage preapprovalinformation that you have provided to them. Your bank doesn't do any background check s at this point. It relies solely on you portraying an accurate picture of your circumstances. Pre-qualification is more like a friendly handshake, and once material facts are reviewed, the lender can decide not to give you the loan based upon their review of your official iinformation. This is the mistake Kim & Bill made....  
  • Pre-approval is more serious. The bank will actually check your credit history, employment information, assets, and liabilities. The only thing they won't check is the property that you plan to buy, because, of course, you haven't found it yet! We highly recommend that you get a pre-approval BEFORE you begin physically looking at homes. It will put your mind at ease while you search for your new home and make the entire experience much less worrisome. Beware of lenders who charge for a pre-approval. A reputable mortgage lender is happy to spend time with you to review the process and answer any questions you may have.

Getting pre-qualified simply indicates that you have told a lender your income level and your debt and credit iinformation, and the lender has estimated what you can afford; Opposed to a Pre-approval, which is an in-depth review of your income, assets, debt to income ratios and credit. A Pre-Approval will provide you with peace of mind when making an offer on your new home.

I hope this iinformation has been helpful. If you have any questions about this process, please feel free to give me call or shoot me an email. I am here to assist you and help make your dream of home ownership a reality.....

Buying a home carries certain levels of stress, but financing should not be one of the stresses. Do yourself a favor and spend some time with a Mortgage Planner BEFORE you go looking for that perfect little home.

Proudly Serving the Residential Mortgage needs of the wonderful Veterans & People in Wisconsin. Green Bay, Appleton, Oshkosh, and throughout the greater Fox Cities areas.

My team works with each client to determine the best finance package for every scenario; Not only the impact of the loan on their finances today, but 5 and 15 years down the line. Need Credit restoration; We can help. Click Here for a no cost ~ no obligation pre-approval or consultation.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who truly enjoys working with First-Time Home Buyers and Government Programs such as FHA, Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. or she can also be reached for comment or to answer questions via email at


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Comment balloon 1 commentGwenn Tanvas NMLS# 274839 • February 08 2010 04:45PM
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