By Bob Walsmith Jr.
2022 President
Santa Barbara Association of Realtors
In the loan process, the above two terms often get misunderstood or mixed up a lot. Both are good, but one certainly carries more weight than the other.
Most real estate buyers have heard that they need to pre-qualify or be pre-approved for a mortgage if they're looking to buy a property. These are two key steps in the mortgage application process. Some people use the terms interchangeably, but there are important differences that every homebuyer should understand.