Congratulations! You’ve been pre-qualified by your mortgage lender. Or is it pre-approved? It doesn’t really matter does it? What’s the difference, right?
These terms may sound similar, but there’s a big difference when it’s time to buy. In competitive markets, like Seattle, Sellers want the most qualified buyer. If you’re financing, it’s important to get fully pre-approved. This requires both pre-qualification, which is the first step, and pre-approval.
Get your financing in place before you start browsing for homes! You’ll save yourself a lot of heartache and stress later.