Are you Pre-Qualified?

Are you pre-qualified or pre-approved for a loan?

Before you begin to shop for a new home, you should set up a time to meet so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction  Pre-QualifiedPre-Qualifiedbetween being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.

To get pre-qualified for a loan, information about your debt, income, and assets will be collected. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. You will then be issued a pre-qualification letter indicating the amount you are pre-qualified to borrow.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home. When submitting your offer to a seller, a pre-approval letter will give you the competitive advantage. It will show the seller that you are approved and now the home has to get approved.

A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.

Do you have a question?

We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you.


The Mortgage Lady


Alisha Baty | Loan Officer
NMLS# 495465



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The Mortgage Lady and her team were able to complete my mortgage - start to finish - in 23 days. That is unheard of in this industry where it normally takes 30-60 days, minimum. They were also able to help me write up not one, not two, but four offers on houses within that time period, providing the necessary paperwork promptly each time. But most importantly, Lori and her team were friendly, warm, compassionate, and understanding, on top of being professional and efficient. I cannot recommend them highly enough.

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