Pre qualified vs Pre approved What does this mean?

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What is the difference between pre-qualified and pre-approved? Why is this important?

Getting pre-qualified and pre-approved is very important when you are buying a house. These terms are often used interchangeably. Getting pre-qualified is the first step on the road to home ownership. You can complete the pre-qualification with most lenders online, on the phone, or in person. They will ask you a series of questions about your income, debts, and assets. They may also do a credit check.

Become pre-approved is the next step in the mortgage lending process. The pre-approval phase will ask for the actual proof of things you stated in the pre-qualification step. You will provide W2's, pay stubs, and a summary of your assets.

If you are serious about buying a home, take the extra time and go through the pre-approval process. You are going to have to turn in this information no matter what. Go ahead and get the peace of mind knowing that you have a solid pre-approval.

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