This article contains 6 images. You will find them at the very end of the article.

This article contains 277 words.

Are you pre-qualified or pre-approved?

Home Buyers Are you pre-qualified or pre-approved?

Did you know there's a difference between being pre-qualified and pre-approved?

What is mortgage pre-qualification?

You are pre-qualified for a mortgage when you get a letter from a lender saying that you are qualified to take out a mortgage loan. This is helpful, but is less meaningful than a pre-approval, because the lender is simply saying that, on paper, you are qualified. It is not verified, and you have not filled out all of the necessary forms at that point to know whether you are approved.

What is a mortgage pre-approval

You are pre-approved when you have actually applied for a mortgage, received your credit report, filled out your application, etc. Employment and income have been verified, making a seller more confident in your ability to close on the home. This is the ideal situation.

If you want the smoothest possible home-buying experience, I recoommend that you spend some time getting pre-approved, rather than just pre-qualified. Please give me a call if you'd like more help on this subject.

Featured Listings

Rural South Nampa home with stunning views

(Example Listing) This is a beautiful home on 3 acres overlooking the scenic Owyhees and Lake Lowell in rural South Nampa. Read more...

Perfect starter condo in the City of Trees

This cute little condo sits just outside Boise's historical district and is within walking distance of jobs, restaurants, recreation, and the Boise River Greenbelt. Read more...