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LOAN SERVICING

Homeloan Pre-Approved vs Pre-Qualified – What’s the Difference?

 

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Are you beginning your homeowner journey and confused about if you should be pre-approved vs pre-qualified for a mortgage? We can help.

One way to begin your journey is to get pre-approved for a mortgage. Realtors and sellers may prefer you get pre-approved before making an offer on a home.

What is the Difference Between Pre-Approved vs Pre-Qualified?

A pre-approval letter lets you know the maximum amount your bank is prepared to lend you because you’ve provided the following information to an underwriter:

  • Financial,
  • Employment, and
  • Credit information

A pre-qualification is only an estimate of what size mortgage you might qualify for based on a conversation with a loan originator and is not an exact number.

Think of pre-approved vs pre-qualified this way:

  • A pre-qualification is like waiting to buy tickets at the box office on the day of the concert, knowing that tickets are for sale but not sure if you’ll be able to get tickets at all.
  • A pre-approval is like having your concert tickets in hand on your way to the event.

What are the Benefits of Getting a Pre-Approval Letter?

Getting pre-approved lets you:

  • Calculate the house price you can afford so there are no surprises to your budget.
  • Act quickly in a competitive market and reduce the stress of “Will we get it?” or “Can we afford it?”
  • It shows you’re a serious contender, letting the seller know your financing is strong which can ease the seller’s concerns and increase your chance for winning the bid on the home you want.

A pre-approval from Capital Bank Home Loans is good for 90 days. There is no fee and no obligation to work with us, so get started today.