What is the difference between getting prequalified vs. pre-approved? The key differences are the amount of information you provide and whether we run your credit. Each of these processes serves a key purpose. Prequalification is an initial step to help individuals get an idea of how much they can borrow so when they’re in the early stages of home buying, they could narrow down the types of properties they can afford while they are looking at properties on their own. Once a buyer wants to get serious about buying a home, they should get pre-approved. This requires paystubs, bank statements, W2s, and tax returns. Preapproval provides sellers and sellers’ agents confidence that you are committed and able to obtain a loan. I’m Karen Douglas, your mortgage genie whose helping make your dreams a reality.
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