Pen with signature signing loan documents

The Difference Between Getting Pre-Qualified or Pre-Approved

CapFed Blue Shield Image

The Difference Between Getting Pre-Qualified or Pre-Approved


For many, buying a home can be exciting and nerve-wracking at the same time, especially when homes are selling as quickly as they’re being listed. Getting pre-qualified or pre-approved are terms that often get used interchangeably, but they have very different meanings. Knowing the difference between pre-qualified or pre-approved can inform a seller of how serious you are about purchasing their home. 


Getting pre-qualified is an initial step in purchasing a home. When you pre-qualify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide the lender. During this process, you have the opportunity to learn about the different loan programs available, determine what you can afford to purchase based on your stated income and monthly obligations, assets for down payment, your employment and credit history. You will also receive a closing cost estimate to show you the liquid assets necessary to close a loan. Lastly, a “pre-qualification” letter can be provided which states all the information presented must still be verified. This step is a great way to measure if you are financially prepared or need to set goals to make your home purchase a reality!

When you get pre-approved, you are letting your realtor and the seller know you are a serious home buyer ready to make an offer on the right home. Getting pre-approved means you have filled out a mortgage application and all supporting documents have been reviewed and verified with regards to your employment, income, credit, assets and liabilities. You will receive an approval letter (typically good for 90 days). Once you make an offer and the seller accepts, the only thing left to do is to have the house appraised.  Since you will know all the closing costs up front, there shouldn’t be any surprises, and you’ll be on your way to being a home-owner.


To learn more about Capitol Federal’s processes on getting pre-qualified or pre-approved, click here.  To contact one of our loan professionals to start the home-buyer process, click here.

« Back to Blog

Categories: CapFed® News
Tags: About CapFed , Home Mortgages , Kansas City , Lawrence , Topeka , Wichita

Leave a Comment

* Required field



Blog Search