Pre-Qualification VS Pre-Approval – What’s the Difference

Pre-Qualification VS Pre-Approval – What’s the Difference

As you prepare to finance a new home, chances are you’ve come across mortgage pre-approval, mortgage pre-qualification, or possibly even both.

Some people use the terms interchangeably, but there are important differences that every homebuyer should understand.

So, what does it mean to get pre-approved vs. get pre-qualified for a mortgage, and what’s the difference between the two? Let’s take a look.

BUYERS

SELLERS

SUMMERLIN

SUMMERLIN RETIREMENT COMMUNITIES

OTHER MASTER PLANNED COMMUNITIES

#prequalificationvspreapproval #mortgagepreapproval #mortgageprequalification

Angela O'Hare is full time Realtor in Las Vegas, Nevada. She specializes in Summerlin, Sun City Summerlin and the surrounding communities in the West/NW side of town.

Direct: 702-370-5112
Company: Home Realty Center
Address: 9484 W. Lake Mead Blvd. #8, Las Vegas, NV 89134
License #180246

Angela also specializes in helping Veterans and Active Duty Military find their dream home. She is certified as a Military Relocations Specialist, certified in the Military & Veterans Housing and members of the Veterans Association of Real Estate Professionals.

[favoritelasvegasrealtor]

As you prepare to finance a new home, chances are you’ve come across mortgage pre-approval, mortgage pre-qualification, or possibly even both.
Some people use the terms interchangeably, but there are important differences that every homebuyer should understand. So, what does it mean to get pre-approved vs. get pre-qualified for a mortgage, and what’s the difference between the two? Let’s take a look.

[CyndeeHaydonFL]

Angela - great distinction and explanation for home mortgages

[GreaterCharlotteLiving]

That's a great topic and explanation!

[amyhayslettrealtor]

This is key in giving a buyer the edge against competing offers.

[josesepulveda]

Great video to clear up a very common misunderstanding

[samsansalone]

Awesome topic and great explanation, Angela!

[georgiacoasthomes]

Such a great explanation, Angela. Very helpful!

[AnthonyTejada]

This is great info for buyers and giving them this info ahead of time sets expectations from the jump !! Great info !!

[HomesByStrand]

Pre-Approval vs Pre-Approved, can be so confusing to buyers, you did such a great job explaining this often confusing subject. Great video!

[HoustonKatyHomesGroup]

Very helpful distinction between pre-qualification and pre-approval!

[MyRealtorKerri]

It is so important to know the difference!!!! Great explanation!

[diannahowellrealtor]

It's very common for people to get these two confused! Great explanation, thanks for sharing!

[CMelendezTV]

Great information here and its always important to know the difference for sure! thanks for sharing!

[DanceMovesRealEstate]

That really is a great explanation...thanks so much for the info!

[MaryAnglin]

It's really important to know the difference! Here in SoCal, pre-qualifications hold very little value since the market favors sellers so strongly.

[HarryMoore]

A really important subject! Excellent job explaining it!

[The_King_Slayer]

Such an important difference between the two, great explanation! Thanks as always Angela for the great info!

[DannyLopezRealEstate]

I think more and more agents need to ensure their clients are aware of this!