When you're stepping into the world of real estate, whether as a first-time homebuyer or a seasoned investor, the terms "pre-qualified" and "pre-approved" often come up. It's essential to understand the difference between these two stages of the mortgage process, especially when working with experienced agencies like David Morton Real Estate by eXp. Both terms describe different levels of evaluation by a lender regarding how much money they might lend you, but they hold different weights in the eyes of sellers and can impact the success of your real estate transactions.
