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Differences Between Pre-Qualification and Pre-Approval
Dated: March 29 2021
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You’ll hear many different terms that you haven’t heard before when buying a home. Even if you’re buying your fifth home, the meaning of these terms can get lost because you simply don’t use them very often. When you’re going through the process of buying a home, two terms that you’ll need to be familiar with are “pre-approval” and “pre-qualification.”
A pre-approval is really what you want as a homebuyer. It means that you’ve made an application with a lender, given them permission to run your credit and access your tax documents, and they’ve run it through their system. What comes out is a pre-approval letter that shows home sellers that you can afford homes that are priced up to a certain amount. It’s one of the first things you should do after getting connected with an experienced agent. Listing agents will want to see a pre-approval as well.
A pre-qualification, on the other hand, is like a pre-approval without all the bells and whistles. It’s based on your word, not on actual tax and financial documents. You need a pre-approval as a homebuyer in this market, not a pre-qualification.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
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