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Pre-qualified vs. pre-approved

Why sellers want a pre-approval letter and how to get one in about 15 minutes.

Published 1 min watch

Key takeaways

  • A pre-approval is verified. A pre-qualification is just an estimate.
  • You’ll need income documents, bank statements and an ID.
  • You can get pre-approved online in about 15 minutes.
  • Sellers want proof you can close, so a pre-approval strengthens your offer.

Next step: Estimate your monthly payment

Pre-approved vs. Pre-qualified

Pre-approved

We check your credit, income and assets. Sellers take it seriously.

Pre-qualified

A quick estimate from what you tell us. Nothing is verified.

A pre-approval is verified. A pre-qualification is just an estimate.

What you’ll need

  • Pay stubs or proof of income
  • W-2s or tax returns
  • Bank statements
  • Photo ID

You’ll need income documents, bank statements and an ID.

Get pre-approved in about 15 minutes

Apply online and get a letter you can send with your offer.

You can get pre-approved online in about 15 minutes.

Why sellers care

A pre-approval shows you can close, which can make your offer stronger.

Sellers want proof you can close, so a pre-approval strengthens your offer.

ZERO Closing Costs

And when you buy with CapCenter, your loan comes with ZERO Closing Costs (restrictions apply; see Offer details).

Frequently asked questions

Does a pre-approval hurt my credit?

A pre-approval includes a credit check. Credit scoring models usually count several mortgage checks within a short shopping window as one inquiry.

How long does a pre-approval last?

Often 60 to 90 days, because your credit and income can change.

Is a pre-approval a loan commitment?

No. Final approval depends on the home, the appraisal and your verified details.

Video transcript

Pre-qualified or pre-approved? They’re not the same thing.

A pre-approval is verified. A pre-qualification is just an estimate.

To get pre-approved, you’ll need income documents, bank statements and an ID.

And you can do it online in about 15 minutes.

Sellers want proof you can close, so a pre-approval makes your offer stronger.

And when you buy with CapCenter, your loan has ZERO Closing Costs.

Get pre-approved at capcenter.com.

For general information only. Program rules and limits vary. Not a commitment to lend. NMLS ID #67717.

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