Pre Qualification or Pre Approval

by Heather Meyers

A Pre-approval is a more in-depth process where a lender evaluates your financial situation, including verifying your income, credit report, and other relevant documents. At this point you submit detailed financial information, and the lender reviews it to determine the specific loan amount you are eligible for. This involves a credit check and more documentation. A Pre-approval is a more reliable indication of your borrowing capacity, and it shows sellers that you are a serious and qualified buyer. It is a conditional commitment from the lender. A pre-qualification is a quick and informal estimate of your borrowing capacity based on the information you provide, while pre-approval involves a more thorough evaluation by the lender, including verification of your financial information. Pre-approval is generally more valuable when making an offer on a home, as it demonstrates to sellers that you are a strong and serious buyer.

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Heather Meyers, Realtor

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