29/08/2026
The difference between pre-qualification and pre-approval.
Pre-qualification is a quick estimate. You give a bank some numbers, and they tell you roughly what you could borrow. It takes minutes, and the number isn't backed by anything yet.
Pre-approval is different. The bank has checked your income, your expenses, your credit record, and has committed to lending you a set amount. That's the document that makes an offer to purchase stronger.
Here's where it goes wrong. Someone finds a house, makes an offer based on a pre-qualification estimate, and only starts the real approval process afterwards. Three weeks later, the bank comes back with a lower amount than expected, the deal is under pressure, and the seller has already had other offers come in.
Get pre-approved before you start viewing houses, not after you fall in love with one.
Ever had an offer fall through because the numbers didn't match up in the end? We'd love to help with your next application.
