PreQualified Vs PreApproved

Dated: 07/08/2016

Views: 3362

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Do you know the difference?

Their is a difference between pre-qualifying and getting pre-approved.  Getting pre-qualified is the initial step in the mortgage process, and it's generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the mortgage amount for which you qualify.

This is a good article that talks about the differences.  

http://www.investopedia.com/articles/basics/07/prequalified-approved.asp

The pre-qualification letter a lender will give you is good for about 3 months.  After that, you have to fill out the overall financial information again.  Just in case anything has changed in 3 months.  So if you are actively looking to purchase in the next 3 months, their is no harm in talking to a lender before hand.  It's all about going into the home buying/selling process educated.  That way you know exactly where you stand at purchasing a home and what kind of finances it will take.   If you are currently trying to find a home and loosing homes to "stronger" offers, you need to go ahead and get pre-approved.   We can use that to help your offer look stronger against other offers.  

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