Ever hear the adage of not looking at cars or wedding dresses you can’t afford to save you from heartbreak? The same goes for home buying. It’s best to know how much you can afford before you go searching for that dream home, and even more beneficial to work with a lender that can help give you an accurate picture of your financial situation. Let’s talk about the difference between pre-approval* and pre-qualification and dive a little deeper into one of the most critical steps of the home buying process.
What is a Pre-Approval?
Pre-approval is a mortgage lender’s conditional agreement to lend a specific amount of money to a home buyer under a specified set of terms. Simply put, a pre-approval helps to give you the price range on the home you can afford.
How It Works
When you want to be pre-approved for a home, you begin by filling out a loan application. Loan applications have traditionally been done on paper, but most lenders are now offering an online application in which everything can be submitted digitally. During the application, you will enter your personal information, as well as information about your assets and income. The lender will also pull your credit. All of this information will be verified, and if all looks good, you will be pre-approved for a specific loan amount. Pre-approval doesn’t lock you into the mortgage you’re offered, but offers you a more accurate look at the loan you qualify for.
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Pre-Approval vs. Pre-Qualification
The terms pre-approval and pre-qualification can mistakenly be used interchangeably. But be careful! The two mean very different things. A pre-approval is a thorough and accurate look at your financial situation. The information submitted is detailed enough and verified to tell the lender exactly how much of a loan you can afford.
A pre-qualification takes a more shallow approach when looking at your finances. You only have to submit your debt, income, and assets; from this information, the lender is able to tell you if you qualify and how much you might be able to borrow – not as exact or accurate. It’s best to receive a pre-approval before you start home shopping!
Ready to learn more about mortgages and get pre-approved? Visit our Mortgage Resources page or Contact Us to get in touch with one of our mortgage professionals today!
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*“Pre-Approval” means an automated underwriting system approval (conditional approval) based upon credit information supplied by applicant and subject to Acrisure Mortgage, LLC’s review of loan documents. Not all applicants will be approved.
About Acrisure Mortgage
Acrisure Mortgage (formerly FBC Mortgage, LLC) is a Top 10 national mortgage lender headquartered in Orlando, Florida. Licensed in 49 states and supported by more than 19,000 dedicated professionals across Acrisure, we specialize in residential mortgage lending through both retail and wholesale/correspondent channels. Our comprehensive offerings include purchase, refinance, construction and renovation loans—tailored to meet the unique needs of homebuyers, homeowners and partners nationwide.
We are proud to serve as a trusted partner to many of the nation’s largest homebuilders and real estate professionals, with a strong foundation of loyal, satisfied clients. Recognized for our commitment to service, innovation and operational excellence, Acrisure Mortgage has received numerous national accolades, including Top 50 Mortgage Companies, Best in Loan Delivery and Best Place to Work honors.
As part of the Acrisure family, we are backed by a global fintech leader that shares our values of innovation, integrity and service. Together, this empowers us to expand our capabilities, leverage world-class technology and resources, and grow alongside the clients and communities we serve.
All information presented is for educational purposes only and not intended as financial advice. NMLS ID#152859 EHL ©2025.
FBC Mortgage is Now Acrisure Mortgage
FBC Mortgage officially rebranded as Acrisure Mortgage on July 1, 2025. This change reflects the company’s continued alignment with its parent company, Acrisure.
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