Pre-Qualified or Pre-Approved? Here's the Difference

Hello,

These terms sound similar, but they’re not the same.

Pre-Qualification

A pre-qualification is usually a quick review of information you provide, such as:

• Income
• Assets
• Debts
• Estimated credit score

It gives you a general idea of what you may qualify for.

Pre-Approval

A pre-approval goes much deeper.

Typically, you’ll provide documentation such as:

• Pay stubs
• W-2s or tax returns
• Bank statements
• Authorization for a credit review

The lender verifies your information and issues a stronger approval.

Why It Matters

A pre-approval can:

• Help determine your price range
• Strengthen your offer when buying a home
• Identify potential issues before house shopping

Getting pre-approved before you start looking can save time and reduce stress.

Ready to see what you qualify for? Contact me for a free pre-approval review.

Sincerely,

Marty Prince
Mortgage Technology
www.MortgageTechLoans.com
Office: 714-289-1609
Email: mprince@socal.rr.com
DRE #00887075
NMLS #246997