

Getting Pre-approved Vs. Getting Pre-qualified
Pre-qualification is the first step in the mortgage process. It’s usually an easy process that you can typically do over the phone or on line through your lender. You might be given a list of information to provide the lender that will be necessary in getting you pre-qualified, such as recent pay stubs, recent tax returns, bank statements, etc. This part of the process helps the lender determine an estimate for you of what you can spend when buying your new home. This gives you a ballpark price you can get an idea of what you can start looking for.
The pre-approval process is when the lender checks your credit score and does a thorough verification on your employment, financial and other important information. This will confirm your ability to purchase a home and lock in the amount you can spend. Once you are pre-approved, you usually have around 90 days to purchase a home.
Once you have begun the pre-qualification process it is a good idea not to purchase large credit card items or take out new loans on other purchases as this can actually stall the process and or change what you pre-qualify for.

Has someone told you that you can’t pre-qualify to purchase a home? It can never hurt to get a second opinion! We have a great team here at Homes of Idaho and are happy to refer you to one of our knowledgeable lenders who will do their best to pre-approve you and get the best loan suited for you. Give us a call; we'd love to help you out!
Source http://www.investopedia.com/mortgage/pre-approval/