Pre-Qualification or Pre-Approval... What's the difference?
What does it mean to be Pre-Qualified?
Getting pre-qualified for a loan gives you an idea of how much you might qualify to
borrow based on your stated income, assets and liabilities. Since you have not
actually applied for a loan and none of your information has been verified,
the loan amount is in no way guaranteed.
CLICK HERE to start the pre-qualification process now!
Your Best Option: A Mortgage Pre-Approval
A pre-approval is a firm mortgage approval. Unlike a pre-qualification,
your loan amount is approved based on your credit, income, assets and employment information.
A pre-approval is usually good for several months, giving you plenty of time to
shop for a home. With a pre-approval, you can be confident that
your loan will close as long as the property gets a satisfactory title and
appraisal.
While it's helpful to be pre-qualified, a pre-approval really puts you in the
driver's seat when making an offer. It shows the seller that you're a serious buyer
who's ready and able to make a deal.
Bruno O. Suttmann, Realtor
