Do you know the difference between being prequalified or preapproved for a mortgage?
This short video reviews the importance of being preapproved.
If you are currently preapproved with a lender, I recommend making sure that your preapproval has been underwritten by a “human underwriter” and not just “AUS” (automated underwriting — i.e., a computer).
One way to check is to ask your mortgage professional for the underwriter’s name. If they say “Fannie Mae” or “Freddie Mac” — that’s actually the automated underwriting system lenders use. 😉
Being fully pre-underwritten doesn’t just give you peace of mind in your loan approval — it can also expedite your closing and help your offer get accepted over other offers with a weaker approval status.
Related Reading:
Prequalified vs. Preapproved for a Mortgage: What’s the Difference?
A deeper look at prequalification, preapproval, and what it means to be pre-underwritten — plus how each affects your offer strength.
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I’ve been helping Washington State homebuyers navigate the mortgage process since 2000. No pressure, no jargon — just an honest conversation about what’s possible for you.
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About Rhonda Porter
I can really see where the digital pre-approval could give a buyer’s offer an edge with the listing agent and the sellers. Smart service for buyers!
Thanks so much, Di! I am really excited to offer this service to our buyers.