What Pre-Qualification Is, and What It Is Not

Pre-qualification is a conversation, not an application. You tell a loan officer about your income, debts and savings, and they estimate the price range and the programs you are likely to qualify for.

Pre-Qualification Versus Pre-Approval

A pre-approval comes later. It involves a full application, documents and a credit check, and it produces the letter your agent sends with an offer.

• Pre-qualification: minutes, no credit check, an estimate
• Pre-approval: a few days, a credit check, a letter a seller can rely on

Starting with pre-qualification means you look at homes you can actually buy, and you know which documents to gather before you apply.