Many buyers wait until they feel ready to buy a home, only to be disappointed later when they finally speak with a lender. The truth is, you may be closer to qualifying than you think. Understanding the difference between pre-qualification and pre-approval, and starting the right conversations early, can save you time, stress, and missed opportunities.

Pre-qualification and pre-approval are two very different but crucial steps in the homebuying process. Pre-qualification gives you an estimate of your buying power, while pre-approval proves to sellers that you’re ready to purchase. Today, both can be done online, and with the right lender, you can even get pre-approved with a soft credit pull.