Avatar photo Professionals Real Estate 23rd May, 2024 1 min read

Pre-Qualified vs. Pre-Approved: What’s the Difference

Dive deeper into the world of home buying. Learn how each step can make all the difference in finding your perfect place.

Pre-Qualified: Testing the Waters

  • Basic Financial Details: Provide income, debts, assets, and desired loan amount.
  • Initial Estimate: Get a rough idea of how much you could borrow.
  • Budget Clarity: Determine a starting point for your home search.
  • Entry Level: Considered your ticket to exploring the market.

Pre-Approved: Opening Doors to Opportunities

  • Comprehensive Evaluation: Submit pay stubs, tax returns, and bank statements for a thorough financial review.
  • Accurate Assessment: Receive an exact amount lenders are willing to lend you.
  • Competitive Edge: Stand out as a serious and reliable buyer to sellers.
  • Confidence Booster: Make offers with certainty, knowing you have financial backing.
  • Streamlined Process: Expedite closing procedures with much of the groundwork already completed.
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