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Pre-Approval vs. Pre-Qualification admin 2017-01-11T18:39:28-04:00 It’s never too early to get pre-approved and it’s important to understand there is a difference between a Pre-Qualification and a Pre-Approval.
When comparing pre-approval vs pre-qualification, keep in mind it’s not an either-or decision. You can get pre-qualified when you start looking, and then, when the time is right, get pre-approved. What Do You Need for Pre-approval? If you’re ready to get pre-approved, then it’s time to start pulling your mortgage paperwork. This process.
If you’re in the market for a home and will need financing, chances are you’ve heard the terms pre-qualification and pre-approval. A lot of times these terms- which are actually very different- are unfortunately used interchangeably. So, what’s the big difference, and between pre-approval.
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The main difference between a pre-qualification versus pre-approval is that the pre-qualification is mainly a preliminary interview process between the home buyer and the loan officer: The loan officer needs to see where the home buyer stands in qualifying for a home loan and how much home the home buyers can afford
Pre-approval means a lender has assessed a more complete financial history, and will issue you a letter committing to an exact loan amount. The letter will be conditional, meaning it could change if your financial situation changes as you look for a home, but it can be provided to a seller as proof of your ability to secure funding.
Because of this, a pre-qualified buyer does not carry the same weight as a pre-approved buyer when making an offer on home. PRE-APPROVAL. Pre-Approval is when you complete an official loan application and provide your loan officer with the necessary information to document and verify your income, assets, and debts.
About the author: The above Real Estate information on the difference between mortgage pre-approval vs. pre-qualification was provided by Bill Gassett, a Nationally recognized leader in his field.Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 31+ Years.