PreQUALIFIED vs PREAPPROVED

When you’re shopping for a mortgage or loan, it helps to know the difference between prequalified vs preapproved. Prequalification and preapproval are two terms that can have a big impact on your home buying journey, so let’s start by understanding what they each mean.

Prequalification is the first step in preparing to get a mortgage. It gives you an idea of how much home you can afford, based on information you provide about your income, debts and other factors. Prequalification is not a guarantee that you’ll get a loan — it just helps give lenders an estimate of what size loan they may offer you.

Preapproval is a more comprehensive process that involves submitting additional documents, such as tax returns and pay stubs, so a lender can review your financial situation in more detail. Preapproval helps lenders get an even better idea of what size loan they may be able to offer you. And if you’re preapproved, you’ll have more negotiating power when it comes to making an offer on a home.

So there you have it — prequalification vs preapproval! Knowing the difference between these two terms can help give you a better understanding of where you stand financially and make your home-buying journey smoother. Good luck!

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Keller Williams Tri-Lakes
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Christopher James is based in Branson, Missouri. He currently serves all of Stone and Taney Counties, which includes Branson, Hollister, Kimberling City, Reeds Spring, Branson West, Forsyth, and Kirbyville.

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