Pre-Qualification vs. Pre-Approval

Pre-Qualification vs. Pre-Approval

Prequalification and Pre-approval may sound like the same thing but they are actually two very different things. Getting these two mixed could be a mistake you really don’t want to make. So if you’re looking for a place to start in your home buying journey check out the video and find out the difference between getting pre-qualified and pre-approved!

 

 

What do you think happened?

What do you think happened to Fast Freddie and Thorough Theodore?

  1. Fast Freddie and Thorough Theodore both closed right on time
  2. Fast Freddie closed on time, but Thorough Theodore closed late.
  3. Fast Freddie’s Mortgage loan fell through, and Thorough Theodore closed right on time.
  4. Both Mortgage loans fell through. Poor Freddie and Theodore!

 

If you answered #3 you’re correct! Turns out that Freddy’s prequalification had a lot of PRE, very little QUALIFICATION, and a complete absence of APPROVAL.

A prequalification can be done quickly, but without verified information, it may not be worth the paper it’s printed on. A pre-approval is much more thorough and accurate. Once you have one of these in hand, your credit and income are well known. All you’ll probably need to do next is find the right house.

In other words, a little extra spent up front, can actually save you lots of time in the end.

If you want to get pre-approved before you start home shopping, please reach out to one of our licensed loan officers. We’ll be happy to help!

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016.