MORTGAGE PRE-QUALIFIED VS PRE-APPROVED

Reblogger Jennifer Spanbauer Brodoway
Real Estate Agent with Lethbridge Real Estate.com

Here is a great summary of Pre-Qualified vs Pre-Approved and understanding the difference.  If your credit has not been pulled by your mortage professional, then you are not yet pre-approved.  And even after you are pre-approved, your lender is always going to want to approve the home you are buying. 

Original content by Fred Carver Personal Real Estate Corporation BC Licence #001159

Mortgage Pre-Qualified vs Pre-Approved

Understanding the Difference. 

Pre-Qualified is not Pre-Approved.

 

Mortgage Pre-Qualified vs PreapprovalPre-qualified is a cursory review of a few of your basic financial details; e.g. employment income, credit card debt, and vehicle payment to roughly estimate the mortgage payment you qualify for.  The Mortgage Specialist/Broker has not taken a full application or made any commitment to finance a purchase. 

On the other hand, the mortgage Pre-approved process gives the Mortgage Specialist/Broker your complete financial picture, which includes a full application and fundamental documents like proof of income, investment statements and proof of down payment.  You have also given your permission (signature on the application) to have your credit bureau released and reviewed.  Based on this information, the lender will be able to make a decision and issue an actual commitment (subject to conditions) to finance the purchase of a home. 

 

Your Mortgage Specialist will provide you with Pre-Approval Certificate  which will contain the approval details such as mortgage amount and list of conditions to meet prior to funding your mortgage. You are not obligated to proceed with the pre-approval but it does offer you a valuable piece of information to assist you in making an informed decision.

Mortgage Pre-Qualified vs Pre-Approved

 

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