frequently asked questions

What is the difference between pre-qualification and pre-approval?

A pre-qualification/pre-qual is a step before the pre-approval. We recommend getting pre-qualified when you’re just thinking about buying a home, but aren’t ready to look yet. A pre-qual is an estimate of what you can afford based on the information you provide us. We don’t ask for proof of your income or assets; we use what you tell us to let you know what you could potentially afford.

A pre-approval is an underwritten conditional approval of the documents you provide us. You’ll complete a loan application, allow us to pull your credit, and provide us with documentation to prove your income, assets, employment, and other financial documents. An underwriter reviews the information and if you qualify, we’ll write a pre-approval letter stating you personally qualify based on the information we’ve received so far.