Ron Denhaan, Realtor (949) 290-3263. Orange County real estate specialist.
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  prequal or preapprove

 What is the difference between getting pre-qualified and pre-approved?

Before you meet with a Realtor, before you walk into an open house, before you start calling on ads in the paper, GET PRE-APPROVED! Your financial picture is as unique as you are. So when you begin to consider buying a home, see a lender first. a qualified lender can help you look at the big picture, work with you to determine what you can afford, and discuss the options available to you. Now let's clarify the differences between getting pre-qualified and getting pre-approved.

Pre-qualified is a process whereby a loan officer obtains information about you, either over the telephone or face-to-face and indicates the loan amount you can qualify for and the best type of loan to meet your particular needs. The loan officer will want to know information about your income and a list of your debts. Through a series of calculations, the lender will be able to determine the size of a loan you qualify for based upon loans available in today’s market. This is referred to as your income to debt ratio. The term pre-qualified simply means that a mortgage or real estate representative has examined your income to debt ratios...this does not mean pre-approved. Pre-approval is a step beyond pre-qualifying. In a pre-approval, the credit part of the loan package is sent to the lender and get you approved for a certain type of loan with a particular lender before you have found or made an offer on a property.   


Pre-approved means that a mortgage or real estate professional has examined, submitted and received acceptance on your financial capabilities of qualifying for a mortgage based upon your income to debt ratio, loan information, and credit profile. Many times borrowers are told they are pre-qualified prior to the lender examining in detail the borrowers complete financial profile. This leads to great frustration and disappointment. With a pre-approval you can close the loan faster and often will find your offer more acceptable to the seller.  If you are about to begin the process of buying a home I would strongly recommend pre-approval over simply being pre-qualified. The loan professional that has made this information available to you specializes in assisting individuals in the home buying process.  Your loan professionals in most cases can advise you on the best approach and help you get the home of your dreams!   

Get a loan


I hope you found this article helpful. Getting pre-qualified AND pre-approved are essential steps in the home buying process.



Ron Denhaan, Realtor           


Ron Denhaan - Realtor 

Realty One Group

(949) 290-3263

DRE# 01728866


Ron Denhaan, Coto de Caza real estate specialist



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