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Pre-approval vs. Pre-qualification: the differences when purchasing a home in ABQ, New Mexico

If you are looking to buy a home in Albuquerque there are 2 very important processes to keep in mind. Pre-qualification & pre-approval are both imperative but they are not the same!

We cover the differences between these and more!

NM Homies Real Estate – Helping you buy and sell in ABQ, New Mexico

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Click to view the full post on what it means to be pre-qualified vs pre-approved.

You always hear that the first step to snagging your perfect home is to be pre-qualified or pre-approved, but what’s the difference between the two? 🧐 Here is an easy-peasy breakdown…

Pre-qualification:

Pre-qualification is a lot quicker and easier to determine your chances of being accepted for a loan. When you are applying for pre-qualification no formal application is required (just a possible credit check). Keep in mind though that you should not put in an offer with only being pre-qualified because it is not a viable approval.

Pre-approval:

Pre-approval is a process that takes a little longer due to it having a formal application and requires extra documents to be submitted. Pre-approval provides conditional loan approval and it can be a great way to demonstrate you’re a serious buyer.

Not sure which route to take? The team at NM Homies can help start you down the right path. We have mortgage lenders we know and trust that will give you the best options and help you through both pre-qualification and pre-approval. These are often the first steps when purchasing a home so knocking these out right away can be VERY beneficial for your home search.

There is more as well! Give us a call and let’s get you fully set up and ready to put in an offer!

505-514-3380

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