Finance
A Louisiana buyer's agent recommends the buyer get pre-approved (not just pre-qualified) for a mortgage because pre-approval:
ACosts less than pre-qualification
BInvolves verification of income, assets, and credit — giving a stronger indication of actual loan approval✓ Correct
CIs required by law before showing properties
DLocks in the interest rate for 90 days automatically
Explanation
Pre-approval involves verification of the buyer's income, assets, and credit by the lender — providing a much stronger indication of creditworthiness than pre-qualification, which is typically just a self-reported estimate. Pre-approval strengthens offers in competitive markets.
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