All Blog Entries by Sarah Hughes

Found 2 blog entries published by Sarah Hughes.

My family built a house in 2003 when Somersett was first being developed. I was 15 and finished out my high school years there. At that time I am sure I didn't appreciate the availability of the championship golf course, the community, and convenience of the town center. I then moved away for college, did all the typical career, soul, relationship, existential searching of my 20's and have since moved back to Somersett almost 15 years after leaving. I bought my own place one roundabout away from our childhood home. Starting my own family here is exciting and seeing the same community through a new lens has been an adventure. In these 15 years Reno has grown and Somersett along with it. The last 2 housing developments are currently underway (Check…
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These terms are often used interchangeably when talking about a person's eligibility for obtaining a home loan. They are very different and carry different weight when you are writing an offer on a home. Here's why:

A pre-qualification ("pre-qual" is how you will commonly hear it) letter is simply based on the buyer verbally telling the lender their income and assets. A pre-approval letter is when the buyer/borrower's documentation is received and reviewed to verify the data. At an office meeting I heard a great explanation of a pre-qualification letter; "it's not worth the paper it's printed on."

As a buyer, this is important to know because a pre-approval letter will give you a more accurate picture of what you can actually afford to buy a house…

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