When I talk with buyers and with real estate agents about pre approvals, I emphasize the fact that being pre approved is much more important than being pre qualified for a mortgage. When you are pre approved for a mortgage, you are actually approved for this loan. What it allows you to do is that when you go under contract on a property, you could actually close on that loan in less than 10 days.
A lot of people use pre qualified and pre approved like they mean the same thing, but they do not. If you are serious about buying a home, you want to know exactly where you stand before you start making offers. That is how you compete and that is how you move fast when the right property comes up.
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