Pre-qualification vs. pre-approval: Do you know the difference?

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At Performance Mortgage, our goal is to make the mortgage loan process run as smoothly as possible! In order for that to happen, there are two steps that we recommend taking before searching for a home: getting pre-qualified and getting pre-approved.

These steps are important and often confused with each other!

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In short, a pre-qualification is a basic estimate of what you may be able to qualify for. This is based on the information you provide to us, such as an estimate of your credit score, income, assets, etc.

A pre-approval, on the other hand, is based upon a thorough review of your information. We will pull your credit directly from the credit bureaus. We’ll review your income, work history, assets, and may request documentation as needed. We’ll provide you with a pre-approval letter that will outline what program you qualify for and other relevant details. Many Realtors will require you to provide this letter before you begin looking at homes!

Interested?? Reach out to the Performance Mortgage Team for more information!

Ready to get pre-approved NOW? You can apply quickly and easily online at https://preapp1003.com/id/Performance-Mortgage/ or apply from your phone… just text the word HOME to 33655!

Messages may be recurring: Msg&data rates may apply. Text Stop to cancel. Go to preapp1003. com for privacy and terms.

 

Originally published Aug. 11, 2017, updated Mar. 23, 2020