Are you considering adding contingencies to an offer you’re submitting? The real estate market is…
There is no set definition about what is considered pre-qualified and what is considered pre-approved. I have my own definition:
Pre-Qualified – application completed and credit checked
Pre-Approved – application completed, credit checked, and income/asset documents reviewed
Lenders use these terms interchangeably so whatever your lender calls it make sure they have reviewed your documentation before you start shopping for a home.