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What is the Difference between Pre-Approved and Pre Qualified?

March 25th, 2007 by tisner

You mean there is a difference?

You mean there is a difference?
Pre-Qaulified means:
  • There was a quick assessment based on what you say is your income, debt and so forth
  • You may have done an on-line application
Pre-Approved means:
  • That there was confirmation based on submitted proof of your income, debt and so forth
    • Bank Statements, W2’s, paystubs
  • You have a letter from the financial institution that you are qualified for x amount, and the only thing left would be:
    • Appraisal
    • title & insurance
    • And that your situation has not changed, so just because you have an approval doesn’t mean you can quit your job, buy a car and spend all your money in the bank.

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Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
66 Riley Road
Celebration, Fl 34747

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