Pre-Qualifying or Pre-Approved
What is the difference?
Getting preapproved requires that the lender review your finances, confirming pay stubs, tax records, credit accounts, bank statements and sometimes more. The preapproval amount will not only be a reliable estimate of what you can afford, but your preapproval also indicates that a lender is willing to do business with you, pending the purchase price, market appraisal and the underwriting process.When you get pre-qualified for a loan, a lender usually only asks for limited background information and views your credit score. They make a tentative decision without necessarily verifying any of the information. Prequalification provides you with a quick general estimate of the amount you might be able to afford.
When you are looking to get a loan for buying a home, it is a good idea to get pre-approved for your loan before hitting the market. Buyers with pre-approvals have an advantage over ones who are just pre-qualified, due to the fact that only a pre-approved buyer can present an offer to a seller. It will also give you a good idea on how much you can spend on a house before you start your search.
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