What is the Difference Between Pre-Approved and Pre-Qualified?
When a homebuyer is pre-qualified, he or she has provided the loan officer with the basic information to determine which loan program the homebuyer may qualify for.
When a homebuyer is pre-approved, the lender has collected, verified, and presented the information needed for underwriting to approve.
TRP Lending issues a pre-approved letter to the borrower(s). With a pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. This will put you at an advantage when dealing with a potential seller, as he or she will know you are one step closer to obtaining a mortgage.
For more information:
Samantha Arroyo, Mortgage Loan Originator, TRP Lending, LLC – NMLS: #283355