Call us 619.435.0145

Blog

What is the difference between being Pre-Qualified and Pre-Approved?

Posted by: kateg 4 years, 10 months ago

(Comments)

Pre-Qualification and Pre-Approval are oftentimes used synonymously, but they are two different terms.

 

Pre-Qualification is the first step in the mortgage application process.  It is an informal determination by a lender or mortgage broker stating how much mortgage you can afford.

Pre-Approval is a guarantee in writing by a lender to grant you a loan up to a specified amount.

When you are writing an offer with a loan contingency, it is best to include a pre-approval letter with your offer to tell the Seller that you are a qualified buyer.

Comments

Latest News

December 20, 2017 Christmas at the Hotel Del Coronado September 25, 2017 Fall Home Maintenance Tips September 21, 2017 Things To Do This Weekend: Sept 22-24 READ MORE

Testimonials

Our initial experience with you, especially with your demonstrable expertise, knowledge, and willingness to both educate and work with us regarding the market and related considerations particular to Coronado, resulted in a gratifyingly helpful and positive experience for us.

—Robert R. READ MORE