Pre-Qualified VS Pre-Approved

Written by Posted On Thursday, 06 August 2015 05:49

How are Pre-Qualifying for a Loan and getting

Pre-Approved Different?


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Why the difference and why does it matter?


Pre-Qualifying can be fast but does it really mean you qualify for the loan amount you have been told and what do sellers think?  It is nice to get a quick ballpark figure over the phone to get your search started or make sure you have been searching in the right price range.  Even though this is nice it can cause several issues.  Most of the time the information given over the phone does not give the full picture of your finances and credit.  There are so many factors that go into qualifying for a loan that as a consumer you may not give the lender some information you consider small but it could actually make a different in you qualifying for the loan.  

Also when submitting an offer and especially competing against multiple offers not all sellers will accept a pre-qualification letter or go with a buyer who has a pre-qualification letter over someone who has a pre-approval letter.  If you are committed to purchasing a home going in with your strongest offer and finances in order can make all of the difference.

With Pre-Approvals documents are needed and a credit pull so that the lender can get a full picture of your loan worthiness.  Getting a pre-approval does not give you a guarantee that you will receive the loan but it is a great starting place.  When presenting an offer with a pre-approval a seller sees that you are committed to buying a home and that a lender has looked at all details not just information you gave over the phone.  This is extremely helpful when in a multiple offer situation.   

When you decide you are ready to buy your first step should be to find a Realtor who will take care of all of your needs.  The next step is to find a lender and get a pre-approval before going out to see any homes.  

Having all of your "ducks in a row" can help make the process smoother!

Contact us to get your search started!

443-818-1299 or This email address is being protected from spambots. You need JavaScript enabled to view it.

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Amanda Powell

Amanda Powell is the team leader for The A Team with Long and Foster. She began her Real Estate career in 2010 in East Texas. After relocating to Maryland in early 2012 Amanda received her Maryland Real Estate license and began working for Long and Foster. Diving into helping families Amanda was awarded Rookie of the Year in 2013 and Agent of the Year in 2014.  Since 2013 she has received designations including ABR (Accredited Buyer Representative), MILRES (Military Residential Representative), Rental Specialist and MRP (Military Relocation Professional) designation. Amanda also completed her Bachelors of Science with a concentration in Marketing in the Fall of 2012.


Amanda specializes in helping Military families relocate from all over the world to purchase a home in Maryland or sell their home when relocating.  Her goal is to make the PCS process as smooth as possible. With a drive to share her knowledge of VA, Amanda also offers Free VA Home Buyer Seminars for all VA eligible buyers. Helping VA buyers be better prepared for the home purchasing process is important. Amanda also works hard for Sellers with extensive marketing knowledge and aggressive negotiation expertise.

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