{"id":69,"date":"2016-05-18T19:54:16","date_gmt":"2016-05-19T02:54:16","guid":{"rendered":"https:\/\/hemetmortgage.com\/?page_id=69"},"modified":"2025-09-26T11:58:22","modified_gmt":"2025-09-26T18:58:22","slug":"loan-pre-qualification-vs-pre-approval","status":"publish","type":"page","link":"https:\/\/hemetmortgage.com\/?page_id=69","title":{"rendered":"Loan Pre-Qual vs. Pre-Approval"},"content":{"rendered":"<p class=\"MsoNormal\"><strong><span style=\"font-family: 'Calibri','sans-serif'; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin; mso-bidi-font-family: 'Times New Roman'; mso-bidi-theme-font: minor-bidi;\">Loan Pre qualification vs. Pre-Approval<\/span><\/strong><\/p>\n<p class=\"MsoNormal\">Many people ask about pre-qualification and pre-approval. In general this is the first step to purchasing a home. It is best to begin with a meeting you a lender before you look for homes. This way when you begin to look at homes you are looking at homes you can afford and you know you will qualify for a loan.<\/p>\n<p>A pre-qualification is when a lender goes over your financial profile, generally over the phone, to determine how much of a home you would qualify for. this is a very basic review of your overall loan qualifying. This is a great start to the qualification process. After the pre-qualification you will have a general idea about monthly mortgage payments and the loan amount you will qualify for. Many lenders stop at this point and encourage you to begin your house shopping.<\/p>\n<p>What I strongly recommend is a pre-approval. The pre-approval process goes into much more detail than the pre-qualification.\u00a0 It will include you gathering a <a href=\"https:\/\/hemetmortgage.com\/?page_id=28\">list of documentation<\/a> \u00a0\u00a0so we can carefully review your financial information (what lenders look for) and make a determination as to what loan amount you would qualify for. During this process we discuss loan programs and options to find a loan program that will fit your needs. Once you are pre-approved you will know exactly what loan amount and loan program you will qualify for. When you are ready to shop for a home and you have a pre-approval the real estate agents know you are serious about purchasing a home also when you place an offer on a home the seller and their agent know you are also a serious and qualified buyer. Your offer is given more consideration over someone trying to purchase a home that is pre-qualified or has not met with a lender.<\/p>\n<p class=\"MsoNormal\">The basic information needed for your pre-approval is:<\/p>\n<p class=\"MsoListParagraphCxSpFirst\" style=\"text-indent: -.25in; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]-->1.<span style=\"font-stretch: normal; font-size: 7pt; font-family: 'Times New Roman';\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><!--[endif]-->One month of paystubs<\/p>\n<p class=\"MsoListParagraphCxSpMiddle\" style=\"text-indent: -.25in; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]-->2.<span style=\"font-stretch: normal; font-size: 7pt; font-family: 'Times New Roman';\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><!--[endif]-->Two years tax returns<\/p>\n<p class=\"MsoListParagraphCxSpMiddle\" style=\"text-indent: -.25in; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]-->3.<span style=\"font-stretch: normal; font-size: 7pt; font-family: 'Times New Roman';\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><!--[endif]-->Two months bank statements<\/p>\n<p class=\"MsoListParagraphCxSpLast\" style=\"text-indent: -.25in; mso-list: l0 level1 lfo1;\"><!-- [if !supportLists]-->4.<span style=\"font-stretch: normal; font-size: 7pt; font-family: 'Times New Roman';\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><!--[endif]-->Copy of Drivers license<\/p>\n<p>&nbsp;<\/p>\n<p class=\"MsoNormal\">\n","protected":false},"excerpt":{"rendered":"<p>Loan Pre qualification vs. Pre-Approval Many people ask about pre-qualification and pre-approval. In general this is the first step to purchasing a home. It is best to begin with a meeting you a lender before you look for homes. This &hellip; <a href=\"https:\/\/hemetmortgage.com\/?page_id=69\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"onecolumn-page.php","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"footnotes":""},"class_list":["post-69","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/P8kZWX-17","_links":{"self":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/69","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=69"}],"version-history":[{"count":4,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/69\/revisions"}],"predecessor-version":[{"id":291,"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/69\/revisions\/291"}],"wp:attachment":[{"href":"https:\/\/hemetmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}