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Pre-Qualification vs. Pre-Approval

Whether you are purchasing your first home or considering what a second home ‘could’ be, it’s very important to get pre-qualified. Most lenders can pre-qualify you within hours (if not minutes), which will help you get an idea of what you can afford for a mortgage payment.

Getting pre-qualified does NOT mean that you are pre-approved.

(i.e.) Today you rent and have a car payment and you have really good credit. You connect with a lender and get pre-qualified for $250,000. You’re so happy! While looking for a new home and so excited about leaving the rental market, you decide, “Hey, I need to update my vehicle.” And you go out and purchase (because you have great credit and a good job) a ‘used car’ for $20,000. You continue your search, find the perfect place to call home – only to find out that you are not approved.

While your financial snapshot may look a certain way today, tomorrow it can change. If you take out more debt or open another line of credit / credit card, you are directly effecting your credit score and debt in equity numbers, which helps a lender determine what you can afford for a mortgage payment.

Dedicating time to having a clear understanding of your financial snapshot is very important when considering to purchase a home. If you find yourself not being qualified today – that doesn’t mean you won’t qualify and be approved in 6 months – it just means you will have a plan and you’ll need to stick to that plan.  Most lenders provide great insight as to what you can do to help improve your scores.


  • Getting pre-qualified is very important when purchasing a home
  • Pre-qualification does NOT equal pre-approval
  • Avoid large purchases or opening lines of credit during this process
  • Align with a realtor and lender that you trust
  • If you’re currently not qualified to purchase a home
    • understand your short / long term goals
    • execute on that plan
    • and you will soon find yourself, Approved!



My name is Cole Evans. I’m an Affiliate Broker with Compass Real Estate and I would be happy to help you find your next home, list your current home or help answer any questions you may have.

Cole Evans


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A Few Facts About Selling Your Home

I am grateful to have joined with Wendy Monday’s team at Compass Realty. With over a decade of licensed agent experience in Nashville, Wendy’s insights, relationships and comprehensive knowledge of the real estate industry is what places her at the top of Nashville REALTORS.

When we meet with clients, we dedicate time setting expectations. One very important note is that the average buyers will see 10 homes before the purchase. This is why it is so important to understand the advantages of staging and/or decluttering your home.  People have a difficult time ‘getting over’ certain things they’ve seen – this may be a wild paint color, it may be that collection of items you have in the special place in your home. If your home is 1 of the 10 a prospective buyer is going to see then it truly needs to be ready to show!

Homes are currently selling in Nashville around 97% of the list price. This is a big one – with the market consistently growing, large corporations moving their headquarters / additional locations to the Middle Tennessee region and the general growth of the population of the city and surrounding communities – we help our clients understand value.

It’s exciting to read that Smile Club Direct is hiring over 2,000, Amazon 5,000, AllianceBerstein moving their headquarters here and so many more small businesses are hiring and growing their businesses. This is great for the economy. As of August 2019, the average home price in Davidson County is around $335,000. The great news is that our technology enables us to help our clients understand more about the market, see the stats of other homes that have sold in the area and receive the best price for their home.

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3 Things to Consider When Moving to Nashville

We moved to Music City in 2008 before NASHVILLE was on TV, before we launched more cranes into the air than any other major city in the US, before hot tubs starting filling with tourist and driving the streets of downtown and before about 500,000 of our friends joined us here – And we absolute love it!

Here’s a quick list of things to consider when moving to Nashville:

Cowboy hats are not required. 

Traffic isn’t as bad as some says. It truly takes about 20 minutes to get to 85% of places you’ll be driving to. The other 15% of the time, you’ll be white-knuckled in bottle-neck traffic (music / podcasts help). You’ll quickly learn how to plan your day around these bottle-necks and don’t worry – it’s getting better!

Be kind. We are in the South and manners are a real thing that people pay attention to. We hear all the time and are humbled by the fact that Nashville is one of the nicest places in the US. We’ll take it!


#4 (BONUS)
We really like scooters and so do tourists. Sit with it, wrap your head around it – they’re everywhere.