Posts from December 30th, 2019

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Real Estate Terms: Pre-qualification vs. Pre-approval

December 30th, 2019 by Napier ERA

Our REALTORS® know getting a mortgage on the best terms is something all buyers think about. That's especially true of first-time buyers! When you're exploring the best Richmond homes for sale, sound financing means peace of mind.

Luckily, the mortgage process is a lot easier than it seems at first!

The more you know, the simpler it is to get a mortgage loan you can be happy with. We'd like to address one of the most common questions about home financing our team gets: The difference between pre-qualifying for a loan versus receiving pre-approval.

Pre-Qualification and Pre-Approval: What's the Difference?

When it comes to getting a great home loan, starting sooner makes life easier.

Prequalification and preapproval are steps you take to smooth the path to your final loan package. You can think of one of them as the trial run, while the other is the "real deal."

Pre-qualifying can happen in a matter of minutes the first time you talk to your lender. You discuss your finances and get a ballpark estimate for what loan amount you can expect. It's not necessary to document your income, and you're not committing.

Click Here to Read More...

Categories: Buy a House

Tags: Napier ERA, Buying a house, First-time Buyers, Home Loan

Jo Woodlief Office: (804) 524-9001 Cell: (804) 901-0138 Email Me

Tri-Cities Office Main Phone: (804) 524-9001
20 Dunlop Village Circle
Colonial Heights, VA 23834

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/05/2026. The listing information on this page last changed on 03/05/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Thu 03/05/2026 8:50:08 AM EST) or CAAR MLS (last updated Thu 03/05/2026 8:40:52 AM EST) or CVRMLS (last updated Thu 03/05/2026 8:48:30 AM EST) or Williamsburg MLS (last updated Thu 03/05/2026 6:54:52 AM EST) or NNAR MLS (last updated Thu 03/05/2026 8:26:34 AM EST) or Chesapeake Bay & Rivers (last updated Wed 03/04/2026 8:50:27 PM EST). Real estate listings held by brokerage firms other than Napier Realtors ERA may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.

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Posts from December 30th, 2019

Real Estate Terms: Pre-qualification vs. Pre-approval

Pre-Qualification and Pre-Approval: What's the Difference?

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