Pre Qualification vs Pre Approval | What’s the Difference and Which Do You Need?
- By Jim Blackburn
- on
- Buy A House, FHA Loans, Financial Planning, First-Time Home Buyer, VA Loans
1. Pre-Qualification Is Just an Estimate
Getting pre-qualified is like a financial snapshot. You tell the lender about your income, debt, and basic financial situation, and they give you a ballpark number for how much home you could afford. It’s quick, easy, and useful for planning — but it’s not based on verified information, so it doesn’t carry much weight with sellers.
Before getting pre-qualified, run your own numbers to know what to expect. Calculate your Conventional Purchase Loan Payment now to estimate your monthly payment and see what price range makes sense for your budget.
2. Pre-Approval Is the Real Deal
Pre-approval is a full credit and financial review. The lender pulls your credit report, verifies your income and employment, and gives you a written letter showing the exact amount you’re approved to borrow. This gives you a competitive edge and shows sellers that you’re ready to buy — not just browsing.
Ready to take that next step? Get Approved Now and receive your official pre-approval letter—usually within 24 hours—so you can start shopping with confidence.
3. Pre-Approval Makes You a Stronger Buyer
In today’s fast-moving market, sellers want serious offers. A pre-approval letter tells them you’ve done your homework and your financing is lined up. That’s why real estate agents and mortgage pros alike recommend getting pre-approved before you start house hunting — it’s the ultimate move for buyers who mean business.
If you’re a first-time buyer with limited down payment savings, explore FHA options before getting pre-approved. Calculate your FHA Purchase Loan Payment now to see how low down payment requirements can help you qualify for more home.
Veterans should explore their unique benefits before pre-approval. Calculate your VA Purchase Loan Payment now to see how zero down payment and no PMI can strengthen your buying power and pre-approval amount.
Ready to Get Pre-Approved the Smart Way?
At Stairway Mortgage, we help first-time buyers win — not just qualify. Let’s get you that head start.
📘 Download our homebuyer guides to learn the pre-approval process.
📊 Check Current Rates to see what you’ll qualify for.
🧮 Get Approved Now and receive your pre-approval letter fast.
🏠 Start shopping with our Private Home Search once you’re pre-approved.
Ready to Take Your First Step?
Skip the guesswork. Take our quick Discovery Quiz to uncover your top financial priorities, so we can guide you toward the wealth-building strategies that fit your life.
- Takes just 5 minutes
- Tailored results based on your answers
- No credit check required
Need a Pre-Approval Letter—Fast?
Buying a home soon? Complete our short form and we’ll connect you with the best loan options for your target property and financial situation—fast.
- Only 2 minutes to complete
- Quick turnaround on pre-approval
- No credit score impact
Got a Few Questions First?
Let’s talk it through. Book a call and one of our friendly advisors will be in touch to guide you personally.
Schedule a CallRelated Posts
