Overview
What’s the difference between a pre-approval and a pre-qualification? Should you care? Yes!
Confused about what getting pre-qualified or pre-approved means? You’re not the only one. There’s a big difference between a mortgage pre-qualification, a pre-approval and an actual mortgage approval.
Getting Pre-Qualified for a Mortgage
Getting pre-qualified for a mortgage helps give you an idea of how much you might qualify to borrow. But since you have not actually applied for a loan, and the lender only has your word on your credit, income, assets and liabilities, a home loan or mortgage amount is not guaranteed. With a pre-qualification, no information has been verified. If you receive a letter from the lender, it may only state that you are likely to be approved for a mortgage.
A Better Solution
While it’s helpful to be pre-qualified for a home loan, it doesn’t always guarantee you’ll be approved for a loan. Our pre-approved mortgage is based on your real credit score, and really puts real estate agents and home sellers at ease. At the same time, you’re in control when making an offer to a seller. They’ll know you’re a serious buyer who’s ready and able to make a deal.
If you would like to learn more about the getting approved for a home loan, call us at (888) 724-7402 and talk to a Canto Team Home Loan Expert today.
ABOUT TED CANTO
Ted is an experienced Mortgage Advisor for the last 13+ years and is also known for his mortgage commentary and internet workshops within the real estate community. Also known as "The Mobile Mortgage Pro", Ted has honed the power of the smart phone, laptop, tablet computing, text, email and social media to ensure that he is always accessible to his clients' “wherever, whenever” to meet their needs. Ted has helped thousands of families finance their new home or refinance their current home in the Arizona and California market. Call, text, or email him to discuss your home financing @ 480.650.8602 or ted@tedcanto.com
Ted Canto
