HUD Articles
Pre-approval vs. Pre-qualified
February 14, 2023
Get Pre-approved and not pre-qualified, why?
A pre-approval is when a mortgage company has preliminary information about your ability to afford a particular mortgage and is willing to provide you with an estimate of what your monthly payment would be. This is not an offer to borrow money. A pre-qualified prospect means that the lender has enough information about you and your financial situation to make a pre-approved offer, but may require additional documentation or review.
A pre-approval is preferred by many sellers. Do not miss out on your dream home, get pre-approved for a mortgage!
