What is the Difference between Pre-Approved and Pre Qualified?
March 25th, 2007 by tisnerYou mean there is a difference?
You mean there is a difference?
Pre-Qaulified means:
- There was a quick assessment based on what you say is your income, debt and so forth
- You may have done an on-line application
Pre-Approved means:
- That there was confirmation based on submitted proof of your income, debt and so forth
- Bank Statements, W2’s, paystubs
- You have a letter from the financial institution that you are qualified for x amount, and the only thing left would be:
- Appraisal
- title & insurance
- And that your situation has not changed, so just because you have an approval doesn’t mean you can quit your job, buy a car and spend all your money in the bank.