If you’re serious about buying a home, the pre-approval process isn’t just a suggestion—it’s a must. It separates serious buyers from those just browsing and gives you a competitive edge when making an offer. But did you know that some lenders can actually fast-track your approval?
Pre-Approval vs. Pre-Qualification: What’s the Difference?
A pre-qualification is like testing the waters—it’s a quick estimate based on your income and debt. A pre-approval, on the other hand, is a deep dive into your finances that gives sellers confidence that you can actually close on a home. If you want to go even further, upfront underwriting can put you in an even stronger position by having your loan fully reviewed before you make an offer.
Soft vs. Hard Credit Pulls—Does It Matter?
Yes! A soft pull allows lenders to check your credit without impacting your score, while a hard pull is necessary when you’re finalizing your mortgage. Some buyers who go through upfront underwriting can close in as little as 10 days—a major advantage in competitive markets.