Pre-Approval and Pre-Qualification

Friday, December 31, 2021   /   by Robin Stone

Pre-Approval and Pre-Qualification

There is a BIG difference between Pre-approval and Pre-qualification, and knowing the difference can put you in a better position when searching for a home.

Pre-Approval- is a lender's written commitment to grant you a maximum home amount

Getting Pre Approved requires home buyers to fill out an application that allows the lender to determine financial situation (debt-to-income ratio, ability to repay, and creditworthiness.)

Pre-Qualification- is a lender's estimate of the loan amount you can borrow.

Getting Pre Qualified is quick by a lender of the buyer's financial situation based off solely on what the buyer tells the lender and not supported by any proof or verification.

To learn more about how getting pre-approved before starting your home search will make you agile enough to snatch up your dream home before anyone else can.
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