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Prequalification vs. preapproval

Are prequalification and preapproval the same thing? what do I need to have/do to be preapproved for a loan? by CLGree_424_472 from Bentonville, Arkansas. Aug 16th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

you're going to get a lot of different responses, but in general, a pre qualification means a loan officer interviewed you and maybe look at your credit, and discussed your income and job situation, and says, "yes, I can get you approved".. Preapproval, means you did a full application, provided the lender with your tax returns, w2's, pay stubs, bank statements, etc.. And has viewed everything, and from that, has determined you are approved.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Aug 16th 2012
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

A pre-qualification is the process in which a mortgage lender looks at your income documentation, pulls your credit report, fills out an application and runs that information through an automated underwriting system for an approval. The pre-approval is the documentation from the automated underwriting system that states you are approved based on the information input into the system.

Aug 16th 2012
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Brian French (bfrench)
#11 ranked lender in Arkansas - 58 contributions

Good afternoon - Sounds like you may be looking for a home and need to have a pre-qual letter for a real estate agent. William and Jeremy provided you the correct information. I am an AR based lender located in Little Rock. Let me know if I can be of any assistance.bfrench@topflitefinancial.com Thanks, Brian

Aug 16th 2012
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