Home Purchasing Pre-Qualified

Pre-Qualified and Pre-Approved - Both are Distinct Steps On Your Journey to Becoming a Homeowner

Before you begin to shop for a new home, you should set up a time to meet with one of our experienced loan officers so we can assess your goals and determine a comfortable payment and purchase price that makes sense for you. Being pre-qualified or pre-approved puts you in a strong position as a buyer. However, it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.


Congratulations! You are one step closer to receiving the keys to your new home. It is a huge step in the home buying journey.  Let’s remember there is a distinct difference between Pre-qualified and Pre-approved.

To get pre-qualified we will collect information regarding your income, assets, and debt. We will also review your credit profile, determine what sort of down payment you can make. 

Next, we will go over several different loan programs that would work for you. Once we complete all this, we will issue you a pre-qualification letter that will indicate the amount you are pre-qualified to borrow. 

It is important to remember that the pre-qualification letter is only an estimate of what you are eligible to borrow. It does not represent a commitment by a lender. 


Pre-qualify at South County Mortgage


Our next step is to get Pre-Approved. Having a pre-approval will give you a competitive advantage when bidding on a home that has several buyers looking at it because you have already been approved for a specified loan amount. 

To get pre-approved you will complete a mortgage application and provide written documentation to verify your employment, assets, and financial statuses such as W-2 forms, bank records and credit card statements. 

We will review your information and sew what mortgage options are the best for you. From there we will submit your application to the lender that best meets your needs. 

After we submit your application and other documents to the lender, they will examine your information and determine the dollar amount they will lend to you.  You will then receive a pre-approval letter with the specific amount they are willing to lend to you for your new home. 

Once you receive the pre-approval letter you are one step closer to becoming a new homeowner.  It is important to note that the pre-approval letter is not a binding agreement.  

Next, we must obtain an appraisal of the home you wish to purchase and other conditions must be met. In addition, if your financial situation changes, or if interest rates change, or a specified expiration date passes, the lender must re-review your situation and recalculate your mortgage amount accordingly. 

All of this can seem overwhelming, but they are all vital steps on your journey to homeownership, and one of our seasoned and licensed South County Mortgage professionals will walk with you every step of the way.


With over 20 years of experience, we ensure you get the best service you deserve.

(401) 583-4150