Lake Erie Vacationland Blog

What's the difference between being pre-qualified and pre-approved for a mortgage?

March 30th, 2016 4:13 PM by Gary and Peggy Hopp


Pre-qualification is an informal determination by a lending professional that estimates how much mortgage you can afford. This will help you guide your home search to the correct price range.

Pre-approval is a written guarantee by a lender or mortgage broker to grant you a loan up to a specified amount. It is a good idea to get pre-approved before submitting an offer; sellers will take your offer more seriously than an offer from someone who is only pre-qualified.
Posted by Gary and Peggy Hopp on March 30th, 2016 4:13 PM


Russell Real Estate Services

2870 E. Harbor Road Suite C
Port Clinton, OH 43452