Should I Get Pre-Qualified or Pre-Approved?

At GVC Mortgage, we get a number of questions about the home-loan process from our clients and the community. One of the most common questions is whether to get pre-qualified or pre-approved. The quick answer: Both.

These two terms often get confused with one another, but they are distinctly different from one another in the mortgage world. So for all the Indianapolis home buyers and sellers out there, let our team set the record straight.

Pre-Qualified

When you’re making plans to purchase a home, you need to know just how much home you can afford and whether you can get a mortgage. Getting pre-qualified from a mortgage lender allows you to get a quick loan estimate. That way, you can begin to look at homes in a price range that’s feasible for you and your family. So in the home-loan process, start here. Our team can get you started.

Pre-Approved

The pre-approval is a must-have when you want to make an offer on a house. When you’re pre-approved as a buyer, you have a firm commitment from a lender to get financing. In the home-buying process, you’re showing the seller that your offer has weight and can be backed financially. Often sellers choose buyers who are pre-approved versus those who have not yet secured financing. Therefore, the pre-approval is a necessary step when you’re ready to move forward.

Get Started Today

Are you ready to purchase a home in the Indianapolis area? GVC Mortgage has been serving clients in Carmel, Fishers, Westfield, and nearby since 1996. We’ve established ourselves as professional, financially savvy home- loan experts who can help you navigate the mortgage process. You can get started securing your home loan by getting pre-qualified or pre-approved through our office. Contact us today at (317) 564-4906 to speak with one of our home-loan professionals. We can help walk you through the process and get you one step closer to your dream home.

 

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