{"id":6801,"date":"2016-07-13T18:30:58","date_gmt":"2016-07-13T18:30:58","guid":{"rendered":"http:\/\/www.everyhome.com\/blog\/?p=6801"},"modified":"2023-08-16T16:01:06","modified_gmt":"2023-08-16T16:01:06","slug":"pre-approval-vs-pre-qualification-better","status":"publish","type":"post","link":"https:\/\/www.everyhome.com\/blog\/2016\/07\/13\/pre-approval-vs-pre-qualification-better\/","title":{"rendered":"Pre-Approval vs Pre-Qualification: Which is Better?"},"content":{"rendered":"

If you’re in the home buying process, you’ve likely been in touch with a lender or loan officer to determine your ability to secure a mortgage. \u00a0It’s not uncommon to hear the terms “pre-approval” and “pre-qualification” used interchangeably, although they have a few distinct differences.<\/p>\n

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A pre-qualification is simply an estimate<\/strong> of a person’s ability to purchase a home. \u00a0Typically, lenders rely on verbal information supplied to them by the borrower — no documentation needed<\/em>! \u00a0Additionally, lenders typically do not check a borrower’s credit score. While it’s not the most accurate estimate of a borrower’s ability, there is certainly merit to a pre-qualification! \u00a0It’s a great first step for first-time buyers who are just beginning to search for homes.<\/p>\n

A pre-approval essentially takes the pre-qualification process one step further<\/strong> by verifying the information and checking a credit score. Since documentation is required, getting pre-approved can take a little bit longer, but it’s worth it when it comes time to submit an offer! Sellers are more likely to seriously consider offers from buyers who are pre-approved<\/strong>, as it shows that you are a committed buyer with the financial ability to purchase the home.<\/p>\n

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Interested in getting pre-qualified, pre-approved, or meeting with lenders? \u00a0Give us a call at (215) 699-5555. \u00a0We’d love to introduce you to a few friendly, helpful and local loan officers.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

If you’re in the home buying process, you’ve likely been in touch with a lender or loan officer to determine your ability to secure a mortgage. \u00a0It’s not uncommon to hear the terms “pre-approval” and “pre-qualification” used interchangeably, although they have a few distinct differences. A pre-qualification is simply an estimate of a person’s ability…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-6801","post","type-post","status-publish","format-standard","hentry","category-buying"],"_links":{"self":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts\/6801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/comments?post=6801"}],"version-history":[{"count":8,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts\/6801\/revisions"}],"predecessor-version":[{"id":8733,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/posts\/6801\/revisions\/8733"}],"wp:attachment":[{"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/media?parent=6801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/categories?post=6801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.everyhome.com\/blog\/wp-json\/wp\/v2\/tags?post=6801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}