Mortgage Insight: Pre-Approval First, Save Time Later

Home Team Mortgage

We are excited to introduce our new, weekly blog series, Mortgage Insight, that offers tips on purchasing a home or refinancing a pre-existing mortgage, courtesy of Home Team Mortgage Company — a team of knowledgeable and seasoned mortgage professionals eager to assist in the home ownership process, affiliated with Ebby Halliday, Realtors.


This week, we discuss the difference between mortgage pre-approval and mortgage pre-qualification, two very different things.


With multiple offers becoming more common, buyers who want an advantage in the bidding process will need more than just a mortgage prequalification – they’ll need pre-approval. Pre-qualification means you have not provided documentation for a loan. However, a pre-approval shows you have given the mortgage lender documentation on your income, assets and liabilities, which may be checked and verified.


Below you will find multiple advantages a pre-approval has to offer:



Pre-approval for a mortgage shows homeowners you are serious about purchasing a home. Owners may debate between your offer and a higher offer from a buyer who hasn’t been pre-approved. Your status will allow for flexibility, and knowing how much you can borrow will give you an advantage over your competition, especially if you find yourself in a bidding war. You will be more strategic about your offers and understand what an offer increase could do to your monthly payments.



Before spending hours house hunting, pre-approval enables you to search for homes you can afford, allowing you to realistically manage your expectations.


Quick Purchase

Pre-approval allows you to make purchasing decisions. Waiting until you find a house to become pre-approved will cost time and could potentially risk losing the home.



For 19 years, Home Team Mortgage Company has been committed to building long lasting relationships by providing exceptional service with competitive rates, and welcomes the opportunity to make your home buying experience the best it can be. With an office located in each Ebby Halliday Real Estate branch, Home Team Mortgage loan officers offer the convenience of one-stop shopping, coupled with expertise to ensure peace of mind for borrowers and agents alike.


For all your mortgage questions and needs, contact Home Team Mortgage Company, an Ebby Halliday affiliate.