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Pre-approval vs. Pre-qualified

by Nancy Heim-berg

Buying a home can be a time of both anxiety and excitement. Home buyers that know about the terminology associated with home ownership have a better chance of fending off some of that anxiety. Pre-approval and pre-qualification are two of the most confusing terms when buying a home. Knowing the difference between pre-approval vs. pre-qualified allows buyers to understand what their agreement with the financial institution is, as well as what kind of house they can afford.

Pre-qualification

This step simply involves looking at the buyer's finances and estimating how much they can afford to spend on a house. Items like income, assets, down payment, and debts are taken into consideration. There is no commitment involved with a pre-qualification. The buyers are not obligated to purchase a home, and the financial institution is not obligated to give the buyers a loan. Pre-qualification does not include an in-depth look at the buyer's finances or an evaluation of their credit report. It simply lets the buyers know if home ownership is an option and the range of prices they can look at. Pre-qualification is a relatively short process and there is usually no cost to the buyer.

Pre-approval

When trying to look ahead at your loan options, pre-approval takes pre-qualification a step further. In this step, the lender does an extensive evaluation of the buyer's financial history, including their credit report. Instead of just telling the lender what their income, assets, and debts are, buyers are required to provide some documentation. Payroll records, bank statements, and other records are often required to proceed with a pre-approval. A pre-approval usually includes an application fee and is a tentative agreement from a lender stating that the buyer will be given mortgage financing. It is important to understand that a pre-approval is not a mortgage guarantee. A mortgage application is only guaranteed after a title search, appraisal, and other financial verifications are established. Since the pre-approval already takes many financial situations into consideration, the pre-approval status is very attractive to sellers. In situations where multiple offers are presented, buyers with pre-approval will often get selected over buyers that haven't established financing.

There are advantages to completing both of these steps, and it is important to remember that buyers always have the option of choosing a different lender. Just because one lender performed a pre-qualification does not mean that the buyer has to continue with that lender for the pre-approval and mortgage. Shopping around sometimes reveals better interest rates or a lender that better represents the buyer's wishes and communication style.

It is also important to note that the terms pre-approval and pre-qualification sometimes get interchanged by either lenders or other real estate professionals. Knowing the difference between pre-approval vs. pre-qualified can help buyers take control of their home ownership situation.

Entertainment Districts of Omaha

by Nancy Heim-berg

Omaha’s four major entertainment districts offer something for everyone, from trendy chic to old-town historic, and absolutely everything in between.

Walk from unique boutiques and antique emporiums to lively pubs and mouth-watering restaurants on cobblestone streets at the Old Market, Omaha’s historic arts and entertainment district. Browse the districts galleries during the First Friday art walk, take in a show at one of the district’s eight performing arts theaters, visit one of the area’s four museums, or take a stroll through Lauritzen Gardens.

Midtown Crossing is famous across Omaha as the city’s premier happy-hour destination, and is home to Black Oak Grill, Brix, Cantina Laredo, Crave, Glo Lounge, Saints Pub & Patio, and Pana 88 – all of which have dedicated happy hour menus featuring fabulous drinks and delicious appetizer specials. Want to stay for dinner? The Grey Plume serves up seasonal, locally sourced contemporary cuisine. Delice European Bakery & Café prepares authentic European treats, including quiches, Italian frittatas, ricotta pies, and French puff pastries. Diners also can create custom, gourmet dishes at Ingredient.

North Downtown, Omaha’s fastest growing mixed-use neighborhood, allows visitors to shop, eat, drink, discover and connect. Home to bars, restaurants, coffee shops, retail stores, schools, event venues, concert halls, offices, and residential condos and apartments, North Downtown has it all. Sip, taste, and savor some of the 100 world-class wines at Nosh Restaurant and Wine Lounge, or grab a pint and a slice of New York-style pizza at The Union. Experience high-intensity, musical improv at Blazin’ Pianos, one of Nebraska’s most popular dueling piano bars, or take in a show and find your new favorite band at the Slowdown.

Village Pointe Shopping Center, out on 168th Street, offers great food, good looks, and the best in seasonal entertainment. Home to Maurices, Charming Charlie, Love Culture, Carter’s, J. Jill, Kona Grill, Mimi’s Café, Johnny’s Italian Steakhouse, Firebirds Wood Fired Grill, Funny Bone Comedy Club, an amphitheater, and more, the center is hopping both day and night! Every spring, Village Pointe’s delicious restaurants host the Vino at the Village Wine Tour. For four hours, wine enthusiasts can sample a fine selection of red and white wines paired with a signature appetizer from each location. The center also hosts an annual wine festival in June. From Memorial Day until the end of August, visitors can enjoy The Vibes at Village Pointe, the center’s free Saturday night summer concert series. Also on Saturdays from May to October, visitors can pick up seasonal produce, fresh herbs, local meats, artisan cheeses, honey, flowers, and more at the Village Pointe Farmers Market.

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Photo of Heim-Berg Team Real Estate
Heim-Berg Team
Berkshire Hathaway
13340 California Street
Omaha NE 68154
(402) 677-9024
402-679-7108
Fax: 402-493-4805

Stacey OHara CMG financial 515-306-2360

 

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