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What's The Difference Between Pre-Approval vs Pre-Qualification?
What’s the difference between Pre-Approval and Pre-Qualification? I get asked that all the time by buyers who are interested in buying their first home. Sometime even experienced buyers will ask this question. I explain this as the first step to buying a home. I have my clients call and/or meet with one of my prefered lenders to get the process started. I recommend doing this before getting into a car and driving all over the place to look at homes, that they might fall in love with and not be able to qualify for. That can be very upsetting and once a buyer falls in love with a home and told that home is out of their price range, it’s hard for buyer’s to see other homes the same. Plus getting pre-approved or pre-qualified can help make sure nothing shows up on the credit report that can surprise you. It also gives the prospective buyer a chance to work on credit issue, should something come up. Having that peace of mind knowing what price range and payment you are comfortable with is reassuring.
Pre-Qualification is the basic step when you provide information verbally (verbal application) over the phone or fill out information ... more
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