{"id":44141,"date":"2020-10-15T13:13:54","date_gmt":"2020-10-15T21:13:54","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=44141"},"modified":"2023-02-09T09:02:48","modified_gmt":"2023-02-09T17:02:48","slug":"mortgage-pre-approval-vs-prequalification-which-should-you-get","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/preapproval-vs-prequalification\/","title":{"rendered":"Mortgage Pre-Approval vs. Prequalification: Which Should You Get?"},"content":{"rendered":"<p>If you\u2019ve been researching a potential home purchase, then you\u2019ve probably seen the terms pre-approval and prequalification thrown around. Though they might sound alike, they\u2019re typically two different and important steps in the homebuying process.<\/p>\n<p><b>Here\u2019s how a prequalification differs from a pre-approval: <\/b><\/p>\n<ul>\n<li><a href=\"#mortgage-prequalification\">Mortgage prequalification<\/a><\/li>\n<li><a href=\"#mortgage-preapproval\">Mortgage pre-approval<\/a><\/li>\n<li><a href=\"#how-long-prequalification-preapproval-take\">How long a prequalification and a pre-approval take<\/a><\/li>\n<li><a href=\"#requirements-for-prequalification-preapproval\">Requirements for a prequalification and pre-approval<\/a><\/li>\n<li><a href=\"#how-to-get-prequalified-preapproved\">How to get prequalified and pre-approved<\/a><\/li>\n<\/ul>\n<p><a name=\"mortgage-prequalification\"><\/a><\/p>\n<h2>Mortgage prequalification<\/h2>\n<p>A mortgage prequalification is basically a rough estimate of how much <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a> you can qualify for, based on the information you provided the lender. It\u2019s a good first step toward buying a home, as it gives you a general idea of what you might be able to afford.<\/p>\n<p>If you\u2019re not happy with the ballpark number you get prequalified for (or you\u2019re turned down), you might want to step back, <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-credit-score-impacts-mortgage-rate\/\">work on your credit score<\/a>, or save up more cash before moving forward.<\/p>\n<p><a name=\"mortgage-preapproval\"><\/a><\/p>\n<h2>Mortgage pre-approval<\/h2>\n<p>A <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/preapproval\/\">mortgage pre-approval<\/a> comes with a full application and more verification. Instead of just taking your word for it, the lender will actually verify your credit score and other personal information. If it checks out, they\u2019ll tell you how big a loan you can expect to be approved for.<\/p>\n<p>They\u2019ll also give you a letter confirming this amount, which you can then submit with any offers you make. Since pre-approval letters mean you\u2019re one step closer to an approved loan, they can often help you stand out from other buyers, especially in a bidding war.<\/p>\n<p><em><strong>Learn More: <\/strong><\/em><\/p>\n<ul>\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/streamlined-preapproval-letter\/\">How to Get a Streamlined Pre-Approval Letter With Credible<\/a><\/strong><\/em><\/li>\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/does-pre-approval-affect-credit-score\/\">Does Mortgage Pre-Approval Affect Your Credit Score?<\/a><\/strong><\/em><\/li>\n<\/ul>\n<p><a name=\"how-long-prequalification-preapproval-take\"><\/a><\/p>\n<h2>How long a prequalification and a pre-approval take<\/h2>\n<p>Since a prequalification requires only a few pieces of information, it\u2019s the fastest option. If you opt for a lender with an online prequalification form, it typically takes just a minute or two to complete.<\/p>\n<p>Pre-approvals, on the other hand, take a bit longer since the lender needs a more comprehensive look at your finances. You might also need to provide documentation of your income, assets, and other financial data.<\/p>\n<p><b><span style=\"font-weight: 400;\"><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/span>Good to know:<\/b> The exact amount of time it takes to submit and process your information depends on the lender. Traditional <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-find-best-mortgage-lenders\/\">mortgage lenders<\/a> say receiving a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-long-does-preapproval-take\/\">pre-approval letter can take up to 10 days<\/a>. Some online lenders, however, can deliver them in minutes.<\/div><\/div>\n<p><a name=\"requirements-for-prequalification-preapproval\"><\/a><\/p>\n<h2>Requirements for a prequalification and pre-approval<\/h2>\n\n<table id=\"tablepress-382\" class=\"tablepress tablepress-id-382 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\"><strong>Prequalification<\/strong><\/th><th class=\"column-3\"><strong>Pre-approval<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Requirements<\/strong><\/td><td class=\"column-2\"><ul><li>Rough estimate of your credit score or a soft credit pull<\/li><li>Rough estimate of your income and assets<\/li><li>Estimated down payment and mortgage amount<\/li><\/ul><\/td><td class=\"column-3\"><ul><li>Full application<\/li><li>Hard credit check<br \/>\n<\/li><li>Documented proof of income, debt, and assets<\/li><li>Estimated down payment and mortgage amount<\/li><\/ul><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Benefits<\/strong><\/td><td class=\"column-2\"><ul><li>Gives you a rough idea of what you may be able to afford<\/li><li>Can tell you if your finances are in a good place to buy a house<\/li><\/ul><\/td><td class=\"column-3\"><ul><li>Gives you a more accurate idea of what you can afford<\/li><li>Can give sellers more confidence in your offers<\/li><li>Can help you stand out in a bidding war<\/li><\/ul><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Process<\/strong><\/td><td class=\"column-2\"><br \/>\nFill out a short online form or have a short phone call\/meeting with a loan officer<\/td><td class=\"column-3\">Fill out a longer application, agree to a credit check, and provide required documentation to lender.<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><strong>Documentation<\/strong><\/td><td class=\"column-2\">None<\/td><td class=\"column-3\"><ul><li>Recent pay stubs<\/li><li>Last two W-2s and tax returns<\/li><li>Last two months of bank and asset statements<\/li><\/ul><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><strong>When to do it<\/strong><\/td><td class=\"column-2\">When you\u2019re curious if buying a house is possible given your finances or you just want a rough idea of what you may be able to afford.<\/td><td class=\"column-3\">When you\u2019re ready to actively start searching for a house and you know your finances are ready.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><b>Check mortgage rates: <\/b><\/p>\n<ul>\n<li><a href=\"https:\/\/www.credible.com\/mortgage\/rates\/30-year-fixed\">30-year fixed mortgage rates<\/a><\/li>\n<li><a href=\"https:\/\/www.credible.com\/mortgage\/rates\/15-year-fixed\">15-year fixed mortgage rates<\/a><\/li>\n<\/ul>\n<p>Generally, prequalification is best before you begin the home shopping process. You\u2019ll use a lender\u2019s prequalification form to gauge whether it\u2019s a good time (financially) for you to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\">buy a home<\/a> and how much you might be able to afford.<\/p>\n<p>A pre-approval is best reserved for serious homebuyers. If you\u2019ve done your research, prepped your finances, and you\u2019re ready to start shopping for homes, you\u2019ll want a pre-approval in hand to help guide you. It can point you toward appropriately priced homes and give you a leg up over the competition (which is important if you\u2019re in a hot market).<\/p>\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/when-to-buy-house\/\"><b><i>How to Know If You Should Buy a House<\/i><\/b><\/a><\/p>\n<p><a name=\"how-to-get-prequalified-preapproved\"><\/a><\/p>\n<h2>How to get prequalified and pre-approved<\/h2>\n<p>Here\u2019s a look at how the process generally works for a homebuyer:<\/p>\n<ol>\n<li><b>Save up your down payment.<\/b> Your down payment will directly impact what <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-loans\/\">loans you can choose from<\/a> and how much your monthly payment will be. Saving up 20% of your home\u2019s sale price is ideal, as it helps you avoid mortgage insurance \u2014 which adds an extra monthly cost.<\/li>\n<li><b>Pull together the information needed. <\/b>Have your recent W-2s, tax returns, pay stubs, bank account statements, and bills, as well as your driver\u2019s license on hand. You\u2019ll need these for your pre-approval application.<\/li>\n<li><b>Consider several lenders.<\/b> <a href=\"https:\/\/www.credible.com\/mortgage\/rates\">Mortgage rates<\/a> can vary greatly, so get prequalified loan quotes from at least three to five different lenders. This will ensure you get the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-the-best-mortgage-rate\/\">best mortgage rate<\/a>.<\/li>\n<li><b>Stay on top of your debts and spending<\/b>. Keep your finances as-is until your home purchase goes through. Your prequalified offers won\u2019t stand if your finances or credit score change.<\/li>\n<li><b>Fill out the full application from your chosen lender. <\/b>You\u2019ll need the information from Step 2 before <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-apply-for-mortgage\/\">applying for a home loan<\/a>. Once you\u2019re done, the lender will give you a pre-approval letter stating how much you\u2019ll likely get approved for.<\/li>\n<\/ol>\n<p>After that, you\u2019ll find a house, submit an offer, and move forward with the purchase. Your lender might need additional documentation along the way, so stay in touch with your loan officer and respond quickly to prevent delays.<br \/>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019ve been researching a potential home purchase, then you\u2019ve probably seen the terms pre-approval and prequalification thrown around. Though they might sound alike, they\u2019re typically two different and important steps in the homebuying process.&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/preapproval-vs-prequalification\/\">Continue reading<\/a><\/p>\n","protected":false},"author":101,"featured_media":44146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1524,1528,1548],"class_list":["post-44141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-mortgage-purchase","tag-mortgage-rates-sidebar-no-table","tag-mortgage-preapproval","mortgage-pre-approval-vs-prequalification-which-should-you-get","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar-no-table","post_tag-mortgage-preapproval"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Pre-Approval vs. Prequalification: Which Should You Get?<\/title>\n<meta name=\"description\" content=\"Though they might sound similar, prequalification and pre-approval mean two different things in the mortgage world. 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