(480) 656-5751 michael.faulkner@apmortgage.com
Lending in CA and AZ only
Lending in CA and AZ only

When you are ready to purchase a property, one of the best places to start is to speak with a lender prior to looking at real estate. On top of that, it is better to seek out a lender who can underwrite-pre approve you with a commitment to lend rather than a lender who can (or is only willing to) pre-qualify you.

Therefore, is it valuable to understand the difference between getting pre-qualified and getting underwritten pre-approved. Below are the characteristics of each.


  1. It generally only takes a phone call in which you describe your financial picture, so it happens quickly. You also may be able to do it online and speak to no one.
  1. You can get a rough estimate on the mortgage amount you may qualify for.
  1. You may be able to get a general sense on the type of loan term and product that may be right for you.
  1. You may get a general sense of payment.
  1. You may or may not have your credit run and you may or may not have to send in income documentation.
  1. No guarantee of closing.

Underwritten Pre-Approved:

  1. Typically requires a full application (your credit is run and it is recommended that you send in all of your income documents).
  1. You get a mortgage debt strategy.
  1. An underwriter will review your application and they have a full application with all the requested income documentation.
  1. It holds a lot more weight than a prequalification because a prequalification isn’t based on actual documentation.
  1. It is a pretty safe bet that you will close.

As you can see, getting underwritten pre-approved may take more time upfront, but it could end up saving you time (and heartache) down the line when you fall in love with a home. If you want to get underwritten pre-approved, consider finding a mortgage bank that understands your financial goals. It isn’t always just about interest rates, there is a lot that goes into educating yourself on purchasing property. Contact us today and we can explain everything you need to know about getting pre-approved.

The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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