Pre-Qualified? Pre-Approved? What's the Difference?

With so many terms and definitions in the real estate market, it's hard to know what everything means. Would you rather be pre-qualified or pre-approved?

Pre-qualification is a summary of what you can afford. It's a “ballpark” figure based on a thorough snapshot of your financial health. At this stage, you are still subject to more vigorous final approval.

Pre-approval is proof to real estate agents that you are approved for a loan. It is based on verification of your income and a satisfactory appraisal of your property.

Pre-approval is much more than being pre-qualified, but pre-qualification is an important step in getting pre-approved. If you're pre-approved let’s talk because it’s time to start looking for homes. If you need a recommendation on a loan officer please let me know. They are helpful, friendly and honest and will help you with the home buying process. Cache Valley, Utah is a great place to live and there is no better time to buy a home in Logan, Utah. Contact me at 435-757-5533 or visit my interactive Web site at www.loganhomefinder.com.