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How Are Pre-Qualifying and Pre-Approval Different?

Monday, March 15, 2021   /   by Mitch Stein

How Are Pre-Qualifying and Pre-Approval Different?

How are pre-qualifying and pre-approval different? 

Pre-qualifying is an informal way of presenting the amount you MAY be able to borrow. You can be pre-qualified over the phone with no paperwork. You will tell a lender your income, your long term debts, and the size of the down payment that you can make. Without any obligation, this helps you to arrive at a ballpark figure that you may be able to spend on buying a house. 

Pre-approval is an actual lender's commitment to lend money to you. It involves assembling financial records and performing a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you serious about buying their home. 

If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070.

Mitchell Stein
License# 02081632
Stein Team Realty - Keller Williams College Park
Mitchell Stein Dre# 02081632
2440 W Arrow Route #5C
Upland, CA 91786
DRE# 01885348

Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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