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Rob Reimer Lic. Assoc. RE Broker|Lic. NYS R. E. Assoc. Broker, CBR, Realtor
Lic. Assoc. RE Broker|Lic. NYS R. E. Assoc. Broker, CBR, RealtorCell: (585) 721-6479
What’s the Difference Between Pre-Qualified and Pre-Approved for a Mortgage?
What Does Pre-Qualified Mean?
•A quick “snapshot” that helps you know how much mortgage money you might qualify for.
•May require a credit check, depending on your state.
•Does not require documentation of your financial situation.
•Provided by a lender as a ballpark estimate.
•No cost involved and no commitment on either side.
•A good way to start figuring out how much home you can afford.
•Does not work as a signal that you are ready to purchase a home.
What Does Pre-Approved Mean?
•Always requires a credit check.
•Verified financial history, including documentation.
•Should you choose to, you can get a mortgage for the amount and terms for which you are pre-approved.
•No commitment to receive a mortgage from the pre-approving company.
•A sign that you are very serious and ready to purchase a home.
Learn More About Buying a Home
Are you interested in buying a home in 2020 or beyond? Learn more about how the home buying process works with our free ebook, The Essential Guide to Buying a Home. It’s full of tips and advice to help you find and buy the home of your dreams.
