PRE-APPROVED VS PRE-QUALIFIED

PRE-QUALIFIED VS PRE-APPROVED

They may sound alike, but when it comes to getting a mortgage, their differences can have a major effect on whether you’re moving in or missing out on the home of your dreams.

PRE-QUALIFIED

  • An estimate of your borrowing power from a lender, often determined over the phone.
  • A determination of whether you would likely qualify for credit under a lender’s programs and standards.
  • An examination of your income and debt levels that you provide to a lender and may (but not always) include a credit check.

PRE-APPROVED

  • A written commitment issued by a lender after a comprehensive analysis of your creditworthiness including, verification of income.
  • A formal decision about your credit; indicates a mortgage commitment letter is available.
  • Approval conditional upon identification of a suitable property and confirmation of no material change to your financial condition or creditworthiness prior to closing.

CONTACT US

Have questions about getting pre-qualified or pre-aproved? We can recommend experience lenders to help you.

8300 College Blvd., Suite #130
Overland Park, KS 66210
913-661-8500