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04 Nov

Difference Between Pre-Approval vs. Pre-Qualified

Pre-Approved vs. Pre-Qualified

I get asked the the question on the differences between getting pre-approved and getting pre-qualified.  If you have a verbal conversation, no credit pulled, no income documents reviewed or verification of assets then you are pre-qualified.   To get pre-approved, you will have your credit pulled, income documents reviewed, and asset documents reviewed.

In order for you to borrower the money to buy a home, the lender must do their due diligence and solve for what I call the 3 pillars: Credit, Income, and Assets.  These are the 3 qualifiers for borrowing the money to buy a home.

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