This is a YouTube video titled "🚨 Pre-Qualification vs Pre-Approval 🚨" containing an explanation about the differences between loan pre-qualification and pre-approval processes, focusing on their importance in the competitive housing market. The content appears to be a single-speaker informational segment recorded on January 26, 2022.
Pre qualifications based off the undocumented information somebody filled out on a loan application. They say, hey, I make this much at this much in the bank. This is my credit score. Okay, here's your pre qualification. A pre approval takes it a big step further and actually documents all of that. So we actually get to calculate the income and show that it's all usable income. We get to calculate the deposits into the bank statement, make sure those are all acceptable. This kind of sifts through and prevents any questions from popping up later. And in today's competitive housing market is pretty much a prerequisite. Sellers don't want things popping up later, so they almost require pre approval before getting an offer accepted on a home.
