Frequently Asked Question
Quick Answer
Pre-qualification is an informal estimate based on self-reported information — no verification required. Pre-approval involves actual documentation review: tax returns, pay stubs, bank statements, and a credit pull.
Pre-qualification is an informal estimate based on self-reported information — no verification required. Pre-approval involves actual documentation review: tax returns, pay stubs, bank statements, and a credit pull. Pre-approval carries real weight with sellers and agents; pre-qualification typically does not. In a competitive Pensacola market, always arrive with a pre-approval letter.
This answer is part of a longer article by Pam Heinold:
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