Some buyers think getting pre-qualified is the same thing as getting pre-approved when in fact they are quite different. While definitions change in the market, below are general descriptions of what each process entails.

Pre-Qualification

Getting pre-qualified is simply getting an idea of the price range you can afford. It is based on your stated income, assets, and liabilities. With a pre-qualification, your information is not verified and the loan you're pre-qualified for is not guaranteed.

Pre-Approval

During the pre-approval process is when the information you provide a lender is verified. There are two phases of the pre-approval process. In the first phase you give your lender permission to obtain your credit report. Your credit report will often confirm the information you provided them about debts, your employer and how long you have lived at your current address. It will also give them your credit score, or your credit rating. If the credit score falls within the acceptable range for the program that you're interested in, you become pre-approved. If your credit score is too low for your preferred loan program, your lender will discuss your credit report with you. Some erroneous information on the report can be removed to improve your rating, or perhaps you have a situation that the lender will allow an exception. If you don't qualify for a particular program, there may be another program that best fits your situation; your lender is there to help you work through this process and find the right loan for you.

Approval

Final approval is when you have found your home, it has been appraised, the title report has been received and everything has been found to be acceptable to the lender. Once you receive final approval, you're ready to close.

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