PRE-APPROVALS & PRE-QUALIFICATIONS

Understanding the difference between a pre-qualification and a true pre-approval can protect you from declined offers, stressful surprises, and failed financing. Most buyers think they mean the same thing — but they don’t.

See why getting properly pre-approved strengthens your offer and protects you from rising rates 👇

1️⃣ WHAT A PRE-QUALIFICATION REALLY IS

A pre-qualification is only an estimate based on the information you verbally provide. No credit check. No document review. No lender backing. It is simply an educated guess, not a commitment of funds.

2️⃣ WHAT A TRUE PRE-APPROVAL MEANS

A pre-approval includes a written confirmation from a lender stating they are willing to lend based on your income, assets, and verified credit. It also usually includes a 120-day rate hold to protect you if interest rates rise.

3️⃣ WHY PRE-QUALIFIED ≠ PRE-APPROVED

Pre-qualified = based on opinion.

Pre-approved = backed by a lender after document and credit review.

One gives you a rough idea. The other actually protects your offer and allows you to move confidently.

4️⃣ WHY YOU SHOULD NEVER SHOP WITHOUT A PRE-APPROVAL

Without a true pre-approval you risk:

• shopping outside your real budget

• losing in competitive offers

• offers collapsing during financing

• rate increases while you look

• last-minute document stress

5️⃣ WHY YOU NEED BOTH IN THE RIGHT ORDER

Step 1: Pre-qualification → understand your price range.

Step 2: Pre-approval → confirm you meet lender requirements.

This combo gives you clarity and protects you when writing offers.

6️⃣ WHY RATE HOLDS MATTER

A formal pre-approval locks in your interest rate for 120 days.

If rates rise, you’re protected.

If rates drop, you get the lower rate automatically.

7️⃣ FINAL WARNING TO BUYERS

A pre-approval is only legitimate if you have:

• written confirmation from a lender

• a reviewed credit bureau

• verified income and down payment documents

• “broker complete” status

If any of these are missing — you are NOT truly pre-approved.

💬 Final Thought

Getting properly pre-approved doesn’t just help you shop smarter — it dramatically strengthens your negotiating position and protects you from costly surprises. A true pre-approval gives you confidence, stability, and leverage in today’s competitive market.

If you’d like us to review your numbers or update your pre-approval, message The Frontline Mortgage Group anytime