Real Estate with a Twist
Episode #5: Pre-Qualification vs. Pre-Approval
Do you know the difference between a pre-qualification and a Pre-approval? There are very important and crucial differences that we will spell out for our audience. Whether you are a borrower or a realtor about to put in an offer, you should know the difference so you can be educated when dealing with your lender. A pre-approval is backed by documents that support and validate the information in the application. Whereas a pre-qualification is simply basing the outcome based off information the borrower has provided.
Do you know the difference between a pre-qualification and a Pre-approval? There are very important and crucial differences that we will spell out for our audience. Whether you are a borrower or a realtor about to put in an offer, you should know the difference so you can be educated when dealing with your lender. A pre-approval is backed by documents that support and validate the information in the application. Whereas a pre-qualification is simply basing the outcome based off information the borrower has provided.