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Updated over 3 years ago on . Most recent reply

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70
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Alex Ballesteros
  • New to Real Estate
  • Los Angeles, CA
31
Votes |
70
Posts

Pre-qualification & Pre-approval ? Questions

Alex Ballesteros
  • New to Real Estate
  • Los Angeles, CA
Posted

- Are there any differences between the two?

- Does it matter who you get a pre-qualification/ approval from? I last got mine from some third-party company on Zillow, and I don't know if there are any other better alternatives or if it is the same result with any lender?

- I last got pre-qualified Feb 2020, but have made more income since then. How often should I be checking what I'm pre-qualified/ approved for?

    Most Popular Reply

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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    13,509
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    23,418
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    Wayne Brooks#1 Foreclosures Contributor
    • Real Estate Professional
    • West Palm Beach, FL
    Replied

    A Pre Qual is limited, you need a Pre Approval.  Unless you have to submit 2 years of tax returns, recent pay stubs and bank statements to prove cash on hand...it is useless.  The preapproval from some lenders is useless, we rejected all preapprovals from Quicken.

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