What is the difference between pre-qualified and pre-approved?
Pre-qualification is an informal estimate of what you might be able to borrow based on basic financial information you provide to a lender, usually without documentation or a credit check. Pre-approval is a more thorough process where the lender verifies your income, assets, and credit, then issues a conditional commitment for a specific loan amount. Pre-approval carries much more weight with sellers because it shows you've been vetted and are a serious buyer. In competitive markets like north Scottsdale and Anthem, many sellers expect a pre-approval letter with your offer. Getting pre-approved early also helps you shop confidently within your budget. The specifics depend on your situation and a licensed lender should confirm your borrowing power, and Jon can connect you with one.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on credit and pre-approval
- What credit score do I need to buy a house?
- How do I get pre-approved for a mortgage and when should I do it?
- How can I raise my credit score fast before buying?
- What documents do I need for a mortgage pre-approval?
- Can I buy a house with bad credit or after a bankruptcy?
- What happens if my job changes while I am under contract?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.