Pre-Qualified v. Pre-Approved


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 unqualified buyer.

If I can answer any additional questions, or help you get Pre–Approved, give me a call or e–mail:

larry@robertsonrealtor.com or Call: 909.983.2892

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