Difference Between Pre-Approved and Pre-Qualified for a Mortgage

Pre qualified vs pre approved: should you get pre-approved or pre-qualified? What's the difference? That's what our mortgage expert Dara Delgado of Dara Delgado Home Loans comes in to help explain the difference.
Check out the rest of our home buying series: • Buying a Home
We hope these videos help clarify things and help you along your journey of buying a house.
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Learn More about the home buying process: "Home Buying 101: How Do I Get Started?"
• How to Buy a Home: How...
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[@ashdav9980]

As an agent, I wish I had a dollar for every time a buyer agent tried to push a pre-qualification as the same as a pre-approval, even when they are repeatedly told pre-approval is required. They tend to be the ones that show buyers homes for years without an agreement in place and no pre-approval, and a home sale contingency with a home they haven’t even listed yet……..but, why not, let’s put a contract on a home we don’t know multiple ways whether the buyer can perform.

[@robertwhittington7008]

I love 5 minute videos that are to the point and make life easier. This is one of them. Thanks. No relation to Audrey BTW.

[@josephvalenteweichertrealt2121]

This is the critical first step to getting a new home!

[@nofavors]

BG music is not needed.

[@renitaedmonds72]

Simple and to the point. Thank You!

[@Rosevilleandrocklin]

Awesome work - Dara Delgado is the BEST!

[@keemez]

that blonde hair tho... mmmm MM!

[@69ChevyGarage]

The more types of credit you have the better your score ie; student loan, car loan, credit card. Great tips on a short vid.

[@Iwish387]

So informative. I am going to get pre approved tomorrow.

[@realtordotcom]

We're glad you found it helpful! 👍

[@trinhk]

Great video, thank you. Is it safe to give consent to a mortgage broker check my credit score?

[@flofontanella1000]

Great video for buyers!

[@lg3476]

I just got a pre qualified letter but I submitted all my documents, should I ask for a pre approval letter?

[@BluHeiress]

Mortgage protection protects you and your family from job loss or from a tragic event.

[@WoodT92]

So informative. Thanks y’all!!

[@realtordotcom]

Glad you found this helpful! 🙌

[@mschivas9356]

Hi, I've been pre approved and submitted all those documents. Will I need to re-submit my W-2 tax returns ect again to recieve the loan?

[@kaysah_foodie]

What is the pre qualified letter is used for ? Thanks

[@mikegarcia9908]

I’m trying to purchase now so Thank you

[@chairfitcamp]

Excellent info. Thank you