Home Buying in 46268>Question Details

Joe, Home Buyer in Bradenton, FL

preapproved vs prequalified

Asked by Joe, Bradenton, FL Fri Jun 22, 2012

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Pre-qualified isn't worth the paper it's written on. It means nothing. Nobody will take you seriously. Make sure you get pre-approved from your lender and that it says so in writing! Some lenders and Realtors will tell you it is the same thing. It is NOT.
0 votes Thank Flag Link Thu Jul 5, 2012
The key difference is that for a pre-approval, you have to give permission (in writing usually) for the lender to look at your credit report and score. They make require pay stubs or tax returns too. For pre-qualification, the lender takes your word for income, debts, etc.
0 votes Thank Flag Link Fri Jun 22, 2012
Pre-quailified means they take your word as to what you make, what you owe and may look at a soft copy of your credit. To be preapproved they get all your financials, bank statements, tax retruns and verify them as well as your job. Anyone can get prequailified but only the quailified will get the pre-approval.
Web Reference: http://www.ScottSellsNh.com
0 votes Thank Flag Link Fri Jun 22, 2012
I heard that you can't even get a Pre-Qual any more:
No one accepts them anyways.

If you're committed, do it right.

Good luck and may God bless
0 votes Thank Flag Link Fri Jun 22, 2012
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