Pre-Approved VS Pre-Qualified: What's the Difference? - First Time Home Buyer Tips

If you're a first time home buyer you've probably been told by your Realtor or Mortgage Broker that you need to get Pre-Approved OR Pre-Qualified for a home loan. But what's the difference between the two and does it even matter? Well the short answer is YES, there's a HUGE difference that can and up saving you a ton of time and money on your mortgage and your home buying experience.

TIMESTAMPS:

0:00 - Intro
1:05 - What is a PreQual
2:29 - What is a PreApproval
2:41 - How we look at Income
3:17 - How we look at Assets
3:45 - How we look at Credit
4:37 - How we determine your approval amount
6:09 - Why get approved early

#firsttimehomebuyer #mortgage #realestate
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Boring legal stuff:
Licensed by the California Department of Business Oversight NMLS 1410686, a Licensed Representative of American Mortgage Network NMLS 1833427 Equal Opportunity Lender. All thoughts and opinions are my own, not of my company. Any rates, terms, programs, etc. mentioned in these videos are hypothetical and are not an advertisement or promise to lend. Your actual mortgage terms might vary based on qualifications. Always consult a licensed mortgage professional in your area.

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