What’s the Difference Between a Pre-Qualification and a Pre-Approval?

What’s the Difference Between a Pre-Qualification and a Pre-Approval?

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.

“Most lenders stop with a pre-approval, but we take things a step further.”

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.

2019-01-31T16:17:52+00:00
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    Rob Spring
    The Spring Mortgage Team
    Hometrust Mortgage
    204 S. Kentucky Street McKinney, TX 75069
    214-929-5810
    rspring@hometrust.com