PreQualified Vs PreApproved Whats The Difference

PreQualified Vs PreApproved Whats The Difference

As you may or may not know, the first step to the home buying process is obtaining financing.  However, there seems to be some confusion amongst buyers between being qualified and being approved for a mortgage.  

There is a big difference between the two.  A pre-qualification is an initial assessment where the lender DISCUSSES a buyer’s credit, income and assets with them.  However, a pre-approval goes deeper and involves a more thorough look into your income and expenses, including a look at your credit score.  In this situation a lender will actually RUN your credit and verify your income and assets.  That’s a big difference! 

Pre-approvals are generally good for 120-days, so it’s important to begin your home search with your real estate professional as soon as possible after receiving your pre-approval letter.  

Getting square on pre-qualified versus pre-approved streamlines the entire home buying process.  Remember just because you are pre-qualified for a mortgage doesn’t mean you will get one. But when you are pre-approved your chances are greatly increased.  






Geneva Lang Headshot
Author:
Phone: 281-798-9680
Dated: November 17th 2015
Views: 815
About Geneva: The decision to buy or sell your home can be a very stressful event, which is why it is so important...

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