You'd never dream of stepping into a boxing ring without your gloves, right?  Then you won't want to enter the competitive house-buying market without some protection, either! The equivalent of a pair of good, sturdy boxing gloves in real estate is the loan pre-qualification or pre-approval.

What is the difference?


This is the most basic form of approval  you can get. It takes about 20-30 minutes to complete the process and is based only on information given by you, the borrower. No credit is pulled, no documents are required.  It gives a lender an idea of how much an individual may be eligible to borrow, and they in turn grant a certificate stating such. It does not guarantee, however, that the borrower will *actually* be able to borrow the full amount, but it will help them to know what homes are in or out of their budget, and demonstrate to the sellers their commitment to buying.


This is a longer, more detailed process in which (among other things) the borrower submits an application, proof of income and other assets, and has their credit checked. The application is submitted to loan underwriting for approval. This will give the borrower a more definite number as to the amount they are qualified to borrow. In many cases, especially in multiple bid offers, it can be a golden ticket to make sure that home of your dreams becomes the home of your reality.

Here at Patriot Home Mortgage-Pacific Group, we can both pre-qualify and pre-approve you, preparing you to step into the home buying process with your gloves on! We will walk you through the process step by step, as well as provide education about the home buying process and how to put your best financial foot forward.

We'd love to talk with you about the home loan process. Give us a call today!