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The Difference Between Pre-Approved and Pre-Qualified
Austin Real Estate Podcast with Jesse Myles
English - March 29, 2021 09:00News real estate for sale real estate agents top real estate agents local real estate agents find a real estate agent home selling tips home for sale home buying home buying process property finder Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
This is the difference between being pre-approved and pre-qualified.
What’s the difference between being pre-qualified and pre-approved? When you’re pre-qualified, the lender is going off the information you’ve told them: your name, social security number, income, bank account resources, credit score, etc. and they pull your credit score. Being pre-approved means the lender has verified all your information and looked at your documents such as tax returns, bank statements, and W2s. What you truly want is a pre-approval because it proves you’re legitimately qualified for a loan. Being pre-approved also looks better to a seller than just being pre-qualified.
If you have other questions about this or any other real estate matter, please contact me via phone or email. I would love to help you.