Great job distinqishing between the two. I pretty much only take buyers out that are preapproved. Our time is too valuable to waste on someone who  "thinks" they can afford a home as opposed to "knowing" they can. Great information!

Excellent post Jody Bruns, CDLP, CMMU Saw your question in the Q&A section

Hello Jody Bruns,  Excellent blog to get out to us here in the rain.  Make it a great day!

Thanks for explaining this so well Jody, this should be something that every buyers agent requires their clients to read.

Also wanted to stop by and thank you for co-hosting the Denver meetup this past month.

Thank You!

Bob

I was confused by this for years myself. Good on you for explaining. Glad to see you posted!

There is a big difference which you have defined.

Jodi! 

Great featured post and every single word rings true! Going to forward this to everyone on my team and especially new agents coming into the office.

Fergie

Your Vibe Attracts Your Tribe

Good post Jody! Thank you. I have been making that distinction with clients and try to get all my buyers pre-approved rather than pre-qualified.

Super duper post! I often wonder why the pre-qualification even exists. 

Great post, Jody. I always prefer the pre-approval letter when I'm the seller's agent. At least at that point, I know the buyer has gone slightly above a phone call to a lender. 

Nice job, Judy!  Definitely, everybody should strive for a full Pre Approval.  Most people don't realize the differences between the borrower's view on his/her income and how the lender calculates it.  Also, it's better to find out any surprises on the credit report sooner, than later.  Great job!

Judy, great explanation for both. I could not agree with you more. I want all my buyers to be pre-approved and would like the buyers to know what their mortgage payment would be on that pre-approval number. 

we still call them 90% letters and they don't mean much in the scheme of things... always find it interesting how many people think they are important! Very Informative post about the difference between the 2!  Thank You!

Very informative. You have meticulously described the process. I have a mortgage broker relationship that I use for each buyer I work with. I believe the buyer should be thoroughly vetted financially, prior to viewing listings.

Hi, Jody...you've done a good job explaining the difference between pre approval and pre qualification letters. Most buyers think they are the same, but really they aren't.