What is the difference between a pre-qualification and a pre-approval? In the world of real estate, the terms “pre-qualification” and “pre-approval” are often used interchangeably, but they have different meanings.
A pre-qualification is an estimate of how much you can afford in a mortgage payment. It is based upon some basic information you provide, and is subject to the approval process. The information you provide will not be verified as part of the pre-qualification process.
A pre-approval is a firm commitment on behalf of Integra Financial Group. It is a more formal process which includes a full credit analysis, employment and asset verification. Once you have been pre-approved, you will receive a pre-approval letter based on an estimated purchase price and loan amount and you can begin shopping for a home with your realtor! A pre-approval is required prior to submitting an offer on a property. The Integra Team works efficiently to offer most of our clients a full pre-approval within 60 minutes.
Contact one of our licensed Mortgage Loan Originators for a 60-minute pre-approval today.