Pre-qualified vs. pre-approved: what sellers actually look at
A pre-qualification is a guess. A pre-approval means someone checked. Here is the difference, and why it matters when you make an offer.
Nina Brooks1 min read
A pre-qualification is a quick estimate based on what you tell us. A pre-approval means a loan officer has reviewed your income, assets and credit.
Why sellers care
When two offers look the same, the one backed by a real pre-approval usually wins. It tells the seller your financing is far less likely to fall apart.
What you need
- Two recent pay stubs
- Two years of W-2s
- Two months of bank statements
Most pre-approvals take about a day once we have those.
