Do You Know the Difference Between a Pre-Approval and Pre-Qualification?

Nov 26, 2019

If you’re looking to buy a home, a pre-qualification or pre-approval can help. Here’s how.

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You’ve probably heard the terms “pre-approval” and “pre-qualification” before, but do you know the difference between them? It seems that even people in the industry get these terms mixed up, but they have very distinct differences.

A pre-qualification is when a buyer reaches out to a lender and verbally told them about their income and debts in a short application. This is a great first step, but the pre-approval takes things to another level.

“Being pre-approved is much more advantageous to buyers”

A pre-approval is when the lender submits an application and verifies the debts, income, and assets of the potential buyer. We like to see our clients get pre-approved before shopping for a home. This also means that the application has been through the underwriting system.

In the end, being pre-approved is much more advantageous for you as a buyer than a pre-qualification is. If you have any questions for me or need a pre-approval yourself, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

About Jason Daniels

Jason is a Colorado native and has lived in Colorado Springs for over 30 years. Jason and his team have sold twelve hundred homes over the past 16 years in Colorado Springs. He enjoys all types of outdoor activities including hiking, biking, camping, skiing, and golfing. Jason graduated from Colorado State University with a bachelor’s degree in Construction Management. He is married with six children and enjoys spending time with family. Jason and his team specialize with first time buyers, investors, golf course properties, luxury homes, military relocation, and new home construction. He is also a member of Peak Producers and the Elite 25, both exclusive groups of top agents in the Colorado Springs area.

Jason Daniels
Finch & Gable Real Estate Co.
9362 Grand Cordera Pkwy #100
Colorado Springs, CO 80924
(719) 999-8900
info@finchandgable.com
www.jasondanielshomes.com

We got great results, we found a beautiful house and we’re very pleased with it, been in it several months now. And just very happy with Jason and his team. We worked with a team member, Jonathan, and he was always available and would respond very quickly to text messages o...

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We got great results, we found a beautiful house and we’re very pleased with it, been in it several months now. And just very happy with Jason and his team. We worked with a team member, Jonathan, and he was always available and would respond very quickly to text messages or phone messages and I really appreciated that. We would use them again and recommend them to our friends. They’re a great team to work with.

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- Sandra

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I've sold two houses with Jason Daniels. I'll say that Jason and his team are exceptional, and I don't use that word lightly because I've sold two houses with Jason and there's a reason I came back to working with him. Not only did our house sell fast, it sold for the right...

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I've sold two houses with Jason Daniels. I'll say that Jason and his team are exceptional, and I don't use that word lightly because I've sold two houses with Jason and there's a reason I came back to working with him. Not only did our house sell fast, it sold for the right price, we never had to reduce price, we never had to go up in price. I'd sold houses with other Realtors before so I had an idea of what was supposed to happen but what I was really impressed with, with Jason is that his negotiating skills are excellent and I'd never had any Realtor that I'd worked with before, I'm military, I've moved many times, bought and sold several houses, and no one has ever really taken the initiative to negotiate for things I didn't ask for. I really felt like I walked out with the best deal I possibly could have had. Jason Daniels, you definitely want him on your team!

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- Sarah

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I flip houses on the side, he helps me find the houses to buy and then I go through him to purchase it, and when I’m done I list it with him to sell them. I’ve probably done like 25, 30 buys and sells with him, so I’m probably at about 50 to 60 somewhere. There’s been a few...

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I flip houses on the side, he helps me find the houses to buy and then I go through him to purchase it, and when I’m done I list it with him to sell them. I’ve probably done like 25, 30 buys and sells with him, so I’m probably at about 50 to 60 somewhere. There’s been a few houses where he always seems to be able to get me an extra few thousand dollars when an offer will come in that’s lower than what I’m asking. He has a really good feel on if the buyer will come up a little bit more of if they’re at their max or if they’re really wanting the house. Or he’d be able to say, “Hey these people are really excited about this house, I get that from their agent and if you want to counter, they’ll probably come up some on their price.

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- Jeffrey

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When we bought our house that we’re living in currently, we were having it built by a contractor. He put together information on analysis of various contractors and then he did background research and came to us with a list of recommendations. There were some items we had q...

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When we bought our house that we’re living in currently, we were having it built by a contractor. He put together information on analysis of various contractors and then he did background research and came to us with a list of recommendations. There were some items we had questions about afterwards, and he in turn acted as a negotiator and was able to fulfill our needs without a question. He represented us very fairly and probably more than anybody else I could have worked with.

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- Ray

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He sold our house in less than 90 days for full price and a cash offer. He walked through our house and told us what to keep out and what to put in storage so it would show better. He was just always available—any second I needed to talk to him he was available to answer qu...

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He sold our house in less than 90 days for full price and a cash offer. He walked through our house and told us what to keep out and what to put in storage so it would show better. He was just always available—any second I needed to talk to him he was available to answer questions. His whole team is great and his office staff is amazing.

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- Amy

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I've worked with Jason twice. When we were buying a house, he took us to a couple houses and figured out what we wanted. The next day, we saw three houses that were exactly what we were looking for, and we bought one. Later on, he sold that house for us. A few days after he...

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I've worked with Jason twice. When we were buying a house, he took us to a couple houses and figured out what we wanted. The next day, we saw three houses that were exactly what we were looking for, and we bought one. Later on, he sold that house for us. A few days after he put the sign up, a verbal offer came in. Jason told us he would try to bring the buyer up to full price. When the written offer came in, we got the asking price! I believe he worked very hard for that. It was a very good experience.

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- Bill

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He is absolutely the best. Jason is a fine human being, and when you meet him, you immediately think you've had him for a friend for forty years!

He is absolutely the best. Jason is a fine human being, and when you meet him, you immediately think you've had him for a friend for forty years!

- Jim

Listen to the whole Interview:

(719) 999-8900

info@finchandgable.com

www.jasondanielshomes.com

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