Columbia SC Real Estate and Homes for Sale

So…you want to buy a house? Great! You are ready for the financial commitment of owning a property where you gain equity. You are smart. Buying vs Renting: Buying usually wins!

I know you are excited…but there are some steps to take. First, call your Columbia SC Real Estate Agent. He will tell you to get “Pre Approved"….or “Pre Qualified".

What is the difference?

First off, I can prequalify you. I verbally ask you, “What is your credit score” “How much do you make” “Can you afford this house?” I have pulled no credit, asked for no proof…this is all on your word.

Now, I know you are honest…but do you know if you have a 679 or a 680 middle score? That 1 point makes the world of difference.

A prequalification is very very strong. More so than a pre-approval. In the Columbia SC Real Estate Market a seller wants to see a Pre Qualification.

This means that a mortgage broker has pulled your credit from all 3 bureaus, verified your income, verified your assets. This says that pending appraisal, title work, and underwriting, you will get the loan.

After all this comes the approval. This usually takes 3 weeks to recieve. After this, the ‘clear to close’ is issued…and then you can close on the house!

Even though they sound similar, a Pre Qualification and a Pre Approval are very different animals.

This is the way it works in the Columbia SC Real Estate Market. Different areas may work differently.

Tip: The FHA does not give out a pre-qual.