Today I want to talk about the difference between a pre-approval and a pre-qualification.
A pre-qualification happens when we speak about your application information on the phone or through email and we pull a credit report. All we can really document here is the credit report, so that doesn’t make a pre-qualification very strong in the eyes of most home sellers and their agents.
Once you do provide your financial information, like your W2 and bank information, we can issue a pre-approval because we have spoken with you about this information and then verified it. A pre-approval is much stronger in the eyes of home sellers.
If you have any other questions for us about pre-qualifications, pre-approvals, or anything else, please feel free to give us a call or send us an email. We would love to hear from you.