What Is The Difference Between Prequalified Vs Preapproved

Dated: October 22 2020

Views: 11

Image title

Here at The Michelle Cantrell Group we want to ensure a smooth buying process so we thought it would be helpful to talk about the difference between pre-qualified vs. pre-approved. Often times, these terms are used interchangeably, but they mean very different things! Typically, during a pre-qualification, the lender will take a look at your finances, such as a verbal employment history, assets and income, and give you an ESTIMATE of what you could qualify for. A pre-approval, however, will require a credit pull, documentation such as bank statements, pay stubs, and W-2’s to determine what kind of loan you will ACTUALLY qualify for. The pre-approval letter is what your real estate agent and home sellers are looking for so they know you are ready to purchase the home you want! Questions about getting a pre-approval for your dream home? We recommend one of our partners at Gershman Mortgage. Call (417) 839-8723 or email at jack@jacklangleyteam.com for more information

Blog author image

Michelle Cantrell

Michelle is a native of Southwest Missouri and has twenty-eight years of experience in selling real estate in the greater Springfield area! Michelle specializes in all price points, including new cons....

Latest Blog Posts

Design Trends You’ll See Everywhere This Year

Interior design has a fresh look! After years of subtle trend changes, this year style gets a complete makeover. Spaces are being lightened, softened, and eclectic merging of styles encouraged. If

Read More

The Community and Economic Impacts of a Home Sale

If you’re thinking of buying or selling a house, chances are you’re focusing on the many extraordinary ways it’ll change your life. What you may not realize is that decision

Read More

Real Estate Home Inspections and Appraisals in the New Normal

Even during the COVID-19 outbreak, real estate transactions go on. Buyers and sellers still need to move, and the industry is looking for new ways to accommodate both the needs of the transaction,

Read More

7 Cool Ways to Repurpose Old Furniture

Are you looking for a fun project that will add some pizzazz to your home – that doesn’t require a degree in carpentry? Before you leave your old furniture on the curb with a sign that

Read More