If you’re starting your homebuying journey in the Triad, you’ve probably come across the terms pre-qualification and pre-approval. While they sound similar, they serve very different purposes—and knowing the difference could give you a competitive edge in today’s market.

Pre-Qualification: The First Look

Pre-qualification is an informal estimate of what you may be able to borrow, based on your self-reported income, debt, and credit. It’s a useful first step, especially if you’re just beginning to explore your options—but it’s not a guarantee.

Pre-Approval: Your Mortgage Power in Writing

A pre-approval is much more powerful. It’s a written commitment from a lender that you qualify for a specific loan amount, based on verified documentation like W-2s, pay stubs, bank statements, and credit history. Pre-approval gives sellers confidence that you’re a serious buyer—and that your financing is solid.

In Today’s Market, Pre-Approval Wins

In hot neighborhoods around Winston-Salem, Greensboro, and High Point, homes can still sell fast. Buyers with a strong pre-approval letter stand out in a crowded field and can often negotiate more effectively.

Ready to show sellers you mean business? Call The Sharpe Mortgage Team at (336) 748-4599 to start your pre-approval today.