{"id":50009,"date":"2021-05-10T20:57:06","date_gmt":"2021-05-11T03:57:06","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=50009"},"modified":"2024-10-14T09:58:13","modified_gmt":"2024-10-14T16:58:13","slug":"mortgage-pre-qualification-vs-pre-approval","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/mortgage-pre-qualification-vs-pre-approval\/","title":{"rendered":"The Simple Difference Between Mortgage Pre-qualification &#038; Pre-approval"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">When it comes to pre-approval vs. pre-qualification, only one is going to jump-start your home-buying journey. That doesn&#8217;t mean that both can&#8217;t be helpful. Both let lenders assess your borrowing power based on your <a href=\"https:\/\/www.movoto.com\/blog\/home-mortgages-what-is-a-debt-to-income-ratio\/\">debt-to-income<\/a> (DTI) and credit history. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A home loan pre-approval letter will get real estate agents and sellers to take you seriously. A pre-approval is a thorough vetting, with verified documents, income, and a hard credit pull. A pre-qualification is useful to get an estimate of the amount you <\/span><i><span style=\"font-weight: 400;\">could potentially<\/span><\/i><span style=\"font-weight: 400;\"> qualify for. Your finances are not verified by a lender during loan pre-qualification.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What Does Pre-Qualification Mean?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Pre-qualification is a quick process that gives you an estimate of how much you&#8217;d qualify for if you applied for a mortgage. The big difference with pre-approval vs. pre-qualification is that pre-qual is based on self-reported information. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your lender won&#8217;t pull up your credit score or request extensive documentation. Some lenders will even let you complete a pre-qualification process online that produces results in just an hour. You might be asked to provide information regarding:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identification<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/the-basics-how-much-home-can-i-afford\/\"><span style=\"font-weight: 400;\">Employment\/income<\/span><\/a><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax returns\/W-2s<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank statements<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assets<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly debt obligations<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/\"><span style=\"font-weight: 400;\">Estimated down payment<\/span><\/a><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bankruptcy history<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Pre-qual is essentially a basic review to assess your creditworthiness. If you&#8217;re in the beginning of your home buying journey, a pre-qual can be the next step after using a<\/span> <a href=\"https:\/\/www.movoto.com\/mortgages\/calculator\/\"><span style=\"font-weight: 400;\">mortgage calculator<\/span><\/a><span style=\"font-weight: 400;\"> to get an idea of &#8220;how much home&#8221; you can afford.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s common knowledge that pre-qualification is based on <\/span><i><span style=\"font-weight: 400;\">unverified<\/span><\/i><span style=\"font-weight: 400;\"> information.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What Does Pre-Approval Mean?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Pre-approval is as close to the actual mortgage approval process as you can get. Your lender will do a hard pull of your credit history to see where you stand. They will also ask for documentation proving your <a href=\"https:\/\/www.movoto.com\/blog\/the-basics-how-much-home-can-i-afford\/\">income<\/a> and financial status. For people with complex income streams, commission-based earnings, or self-employment income, pre-approval is especially important for making sure lenders have the full picture when assessing your creditworthiness.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re preparing to apply for mortgage pre-qual, go ahead and get these<\/span> <a href=\"https:\/\/www.movoto.com\/blog\/6-documents-you-need-for-a-mortgage-loan\/\"><span style=\"font-weight: 400;\">documents you need to apply for a home loan<\/span><\/a><span style=\"font-weight: 400;\"> prepared ASAP:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal identification<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax filings\/W-2s going back two years<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recent pay stubs going back at least two months<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank statements<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proof of any extra sources of income<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Credit card reports<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rent statements (potentially)<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Loan statements going back 60 days for personal loans, car loans, or student loans<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Of course, your lender will also be looking at your credit score. Make sure you&#8217;re checking your credit score before the process even begins. Errors in your credit history could actually harm your ability to get approved for a mortgage. They could also make you eligible for higher interest rates. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you see mistakes on your credit history, you can dispute them with the reporting creditor or agency. Of course, you may also decide that your credit score simply isn&#8217;t in good enough shape for you to start applying for a mortgage. Paying down debt, boosting income, and making other changes could get you more prepared in six to 12 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Turnaround times for mortgage pre-approvals can vary. Some lenders may be able to provide you with a pre-approval letter in a day or two. Others might take up to 10 days. Timelines often come down to demand at any given time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Your lender will consider your<\/span> <a href=\"https:\/\/www.movoto.com\/blog\/how-long-does-a-mortgage-preapproval-last\/\"><span style=\"font-weight: 400;\">preapproval letter valid for several months<\/span><\/a><span style=\"font-weight: 400;\">. If you don&#8217;t find the home of your dreams within that span, most lenders can easily update your pre-approval for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A pre-approval letter is not a binding offer. While a lender is giving you an educated estimate of the mortgage amount you&#8217;re likely to be approved for, there is no guarantee that you will be given a mortgage. What&#8217;s more, your interest rates and final terms could differ from what&#8217;s on your pre-approval letter. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Preference for pre-approval vs. pre-qualification is one of the important<\/span> <a href=\"https:\/\/www.movoto.com\/blog\/the-10-most-important-questions-before-making-an-offer\/\"><span style=\"font-weight: 400;\">questions before making an offer<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are two ways to use your mortgage pre-approval letter. First, this document shows you exactly how much you can afford when buying a home. That means you can narrow down your search to a specific price bracket.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Next, your pre-approval letter shows agents and sellers that you&#8217;re qualified to purchase a home in a specific price range. You can now confidently submit offers, knowing that sellers will take them seriously.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to pre-approval vs. pre-qualification, only one is going to jump-start your home-buying journey. That doesn&#8217;t mean that both can&#8217;t be helpful. Both let lenders assess your borrowing power based on your debt-to-income (DTI) and credit history. A home loan pre-approval letter will get real estate agents and sellers to take you seriously. A pre-approval is a thorough vetting, with verified documents, income, and a hard credit pull. A pre-qualification is useful to get an estimate of the amount you could potentially qualify for. Your finances are not verified by a lender during loan pre-qualification. What Does Pre-Qualification [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":50010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167],"tags":[49,111,179,182,198,178],"class_list":["post-50009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basics","tag-buying-a-home","tag-mortgage","tag-mortgage-application","tag-mortgage-calculator","tag-prequalification","tag-preapproval","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Skip Mortgage Pre-qualification, Go For A Pre-Approval Instead!<\/title>\n<meta name=\"description\" content=\"Learn about pre-approval vs. pre-qualification to see which one is a better choice if you want to start making offers on homes. 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