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Pre-Qualification versus Pre-Approval

As a buyer, it’s important for you to know the difference between pre-qualified and pre-approved.  If you work with us, we will ask you to get pre-approved as opposed to pre-qualified for the below reasons:

Pre-Qualified

Pre-Qualification is only an initial look at your mortgage options; it will give you a ballpark figure of what you may be able to qualify for. Key words, may be, this is not a for sure thing. Just because you get pre-qualified for a mortgage does not mean you will get one. When a buyer goes to get pre-qualified, a lender will discuss the buyer’s credit, income, and assets. This does not include an analysis of the buyer’s credit report. A buyer should not be looking at properties with just a pre-qualification.

 Pre-Approved 

Pre-Approval basically means the buyer can get the ball rolling on the home buying process. A pre-approval requires you to submit a number of documents to your preferred lender. Once those are submitted, the buyer will receive a pre-approval letter within 2-3 business days. The pre-approval letter is so important because it shows the amount you can afford to purchase in a home. The letter will also help you understand how much your monthly payments will be and how much you’ll be paying in taxes each month. Getting a pre-approval letter is a huge advantage to the buyer and Realtor. If you work with us, we won’t even put an offer in on a home unless you’ve been pre-approved. It’s that important.

Please note:  A pre-approval doesn’t guarantee that you’ll be approved for the loan when the time comes, however, it does mean that it’s likely (much more likely than with a pre-qualification) as long as you keep your finances healthy between now and then.

Knowing the difference between pre-qualification and pre-approval will make all the difference in your home buying process.  Most Realtors will not accept an offer with just a pre-qualification letter and will require you obtain a pre-approval letter instead.

Questions about the two? Just call me at 717.963.0016 or email at homesalesinyourarea@gmail.com.

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Gina Casner

In 2016, I began my tenure in real estate as a licensed Executive Assistant for a leading real estate training coach and subsequently for high-producing real estate teams. I very quickly fell in love with real estate and by 2019, I transitioned into personally helping clients turn their dreams into keys. After dozens of transactions, I have been dubbed the “unicorn hunter,” finding out-of-the-box solutions for clients looking for a home with unique requirements. In addition to managing my real estate practice, I am involved in providing community education on responsible home ownership through my exclusive Path to Home Ownership workshop series. I also am the founder of Chronically Strong, an organization that promotes mental health awareness and suicide prevention in our local communities. I take a holistic and individualized approach to real estate. Buying or selling a home in Central PA can be complex, sophisticated and often a deeply personal endeavor. Your experience should mimic the high level of customer service all of my clients have, while being very specific to your own individual needs. I work with a team of experts to provide a full, complete experience that only a cohesive team can consistently provide. Working with us, you will be given personal attention in every aspect of your home buying and selling experience with the professionalism and consistency of a thoughtful business model. And yes, superior results will follow! On a personal note, I attribute my success not only to my passion for helping clients execute on their next “big move”, but also to my knowledge regarding the psychology of buying and selling. My clientele works in diverse industries with an emphasis on technology, finance, medicine, law, and business. My real estate practice has grown successfully and consistently thanks to the repeat business of happy clients and their introductions to friends, family and neighbors. This track record is only possible because we deliver both results AND an enjoyable experience. Growing up, my family moved frequently all across the continental U.S., but you will hear me say that I am from California because that is the longest place that I lived during my formative years. Moving became a way of life for my family and each place I lived became a part of my story. It taught me that our home truly is the foundation of everything in our lives, and it is this belief that compels me to work hard for my clients when they are buying or selling their home. In many ways, our home becomes a part of our identity, an identity and memory that should be honored. I have been accused of being tenacious and super honest. I like to win (for my clients) but do so with a calm demeanor and a smile. I live in a raised ranch home in Lower Paxton Township with my main squeeze, my teenage son, and our very spoiled dog, Ginger. I have mad faith, and truly believe that each and every one of us is capable of great things. I graduated from Penn State University with a Bachelors’ in Sociology. There is a running joke in my family that every day I go to real estate school because every day my clients teach me something new. I continually invest time, money and thought into the latest sales, marketing and negotiation techniques. Why? Because I believe that you deserve to have the best working for you. I want to live life on my own terms, and am committed to helping you do the same. Would you like to work together? Please reach out. I look forward to hearing from you! Gina

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