Pre-qualified is not pre-approved, and the difference decides whether a seller takes you seriously.
Pre-qualified means you told someone your numbers and they did some arithmetic. That is all it means. It is a conversation, not a check on anything.
A real pre-approval means income and employment verified, assets and reserves documented, credit pulled and the file actually underwritten. That is a lender putting their name on you.
An approval is not a guarantee. It carries conditions and it expires. Change jobs, open a credit card or move large sums around before closing and it can come apart. From approval to keys, change nothing about your finances.
Get this done before you start looking, not after you have fallen in love with a house.
The names differ around the world but the distinction does not.
The short version
- Only one makes a seller take you seriously.
- Most buyers bring the wrong one.
- Income and employment, verified.
- Assets and reserves, documented.
- Credit pulled, and the file underwritten.
- That is a lender putting their name on you.
- From approval to keys, change nothing about your finances.
Talk it through with Kini
Kini will run it with you on your real budget, anywhere in Orange, Los Angeles, Riverside or San Bernardino County. No charge and no pitch.
Book a consultation or call or text (323) 320-1725. See what today's rate does to a payment in the California Rate Atlas.