Preapproved or Prequalified: What's the Difference?

Preapproved or Prequalified: What's the Difference?

Confusing prequalification with preapproval can mean disappointment for both a home seller and a buyer. Real estate experts say it's smart to urge buyers to become preapproved by their lender – not just prequalified.

For a buyer to obtain a bona fide preapproval, he must submit a loan application with the necessary documentation and fee. After the lender verifies and analyzes the application, it will notify the applicant of how much money he can afford to borrow. Armed with that information, the buyer can confidently go home shopping.

Prequalifications are simply an estimate of what a buyer can afford. A buyer who assumes that this estimate is accurate and chooses a home based on the information may, in fact, be denied a loan when he actually applies, a situation that wastes his time and can put a seller in an a bad position if they've already turned away a qualified buyer. And, of course it wastes the real estate practitioner's time as well.

Source: Kiplinger’s Personal Finance Magazine (08/01/2007)

~* Our Bench *~

We had an area on our front porch that was rather bare so I decided to move this bench (which was made by my dear husband when he was in high school) to that spot. It gives the porch a more finished look.*~*~*~*~*~*~*~*~*~*

Thank you for your nice comments regarding our new birdhouse. I want to get the roof painted soon, but I have several painting projects in the works or lined up so I don't know when it will be finished. I'm currently working on a picture frame for my dear daughter's room and a small cupboard for the powder room. I haven't started the side table that I bought at a yard sale so the birdhouse is 4th in line....so many projects so little time!

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Thanks for stopping by!

Purple Martin House

Purple Martin HouseThe Purple Martin (Progne subis) is a member of the swallow family. It is a medium sized, migratory song bird much desired in gardens. The male is entirely a glossy dark, purplish black sheen while the female is purplish black with a duller sheen and lighter underpants. Several Purple Martins will nest in a multi-compartmented birdhouse much like a bird condo building. They

Our New Birdhouse

I went to the Wow Outlet this weekend and found the birdhouse I've been wanting. I had seen this same birdhouse for around $99.00 (I paid $36.00) on The Country House website. The only thing I need to change is the color of the roof...I want it to be green to match our roof. *~*~*~*~*~*~*~*~*~*~*~*

Glad you all enjoyed looking at my latest yard sale finds...thank you for your comments regarding them. I've redone the picture frames on the embroidered pictures. They look so much better being black. I wanted them to have a weathered look finish, but they didn't turn out that way for some reason...stay tuned for pictures!

Yard Sale Finds

Last Saturday I had the opportunity to go to several yard sales. Here is what I found at my first stop: two embroidered pictures (one says dill the other says chives - I'm going to paint the picture frames black), table runner, Mary Emmerling book, Flea Market Style book, 1947 Nancy Drew book, french book, and a side table (which I'm also going to paint a pale green to match the stripe in my swing cushion). I got all of these items for $10.00! At another yard sale I got a box full of pip berry garland (one of my favorite things) for $2.00. At my last stop I picked up two old rug beaters for $15.00. I'm going to hang them in my laundry room. It was a good day!!!

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Thank you all so much for your sweet comments about the quilt my dear friend Josie made for me. She is one of the most unselfish people I know...she volunteers to teach adults to read and she is in charge of the American Cancer Society Relay for Life in her home town. I'm so blessed to have Josie in my life!

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Again, I appreciate the time you all take to visit my blog and I can't thank you enough for the sweet comments that you continue to leave me!

Last Thursday was moving day. It was an extremely long and tiring day yet I was up at the crack of dawn to explore our new surroundings. I did a walk about the gardens with the camera noting some of the plants that I haven't grown before or have very little experience with.GreenspaceOur property is on a deadend road. A greenspace dotted with a stand of trees separates our road from the main

Happy Canada DayHappy Gardening!Garden Gnome©2007