Ray Avanzino - your home loan expert
Ray Avanzino
Senior Loan Officer
NMLS #288504
Direct: 650-425-6121
Mobile: 650-576-6531
Fax: 877-412-9911
30 East Fourth Ave
San Mateo, CA 94402
I am licensed to originate mortgage loans in the following state(s): CA

Learning Center

Pre-Qual vs. Pre-Approval

"How do I know what price range to look in," and "how do I make sure my offer is accepted?"

 

These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting home loan pre-approval by a lender upfront in the process. Not only does home loan pre-approval give you peace of mind knowing your price range is already pre-approved by the lender, but home loan pre-approval strengthens your position at the negotiating table, especially in a multiple offer situation.

 

Some lenders offer both home loan pre-qualifications and home loan pre-approvals. Here’s the difference:

 

Home Loan Pre-Qualification

  • Provides a "ballpark" estimate of your buying power
  • Is based on summary information you provide on your income and assets
  • Requires satisfactory review of property, financial documents and program requirements to issue final approval
  • Is offered by most lenders

Home Loan Pre-Approval

  • Provides proof to real estate agents and sellers that you're pre-approved for a specific loan amount
  • Is based on verification of your income, credit and assets (in some cases, verification may not even be necessary)
  • Requires a satisfactory appraisal and title review and no change in financial condition for final approval
  • Is offered by us at no cost as a service to you before you find a home