Pre-Qualified v. Pre-Approved (Click Here)
I receive many questions about the difference between a Pre-Qualified loan and a Pre-Approved loan. A Pre-Qualified status, means you have talked to a lender, and given him all pertinent information for obtaining a loan. Based on the information you have given, you are qualified for a loan of a certain amount.
A Pre-Approved loan, means all information given (income, reserves, employment and credit information) have all been verified by documentation. This will grant you a Pre-Approved status.
When looking to buy a home or property, the seller’s agent (if a good agent) will require a letter from a lender, stating that you are Pre-Approved for the loan you require to purchase the home or property. This is to make certain the home or property is not tied up with an un-qualified buyer.
If I can answer any additional questions, or help you get Pre-Approved, give me a call or e-mail: Larry Robertson (909) 983-2892