After homebuyers find a rockstar agent to help them buy their dream home in the Florida Keys and they sit down with a lender for their initial pre-qualification, the next step is to get fully pre-approved. Carolyn Frey from Mortgage Lending Solutions joined me to discuss the pre-approval process.

So what’s the difference between pre-qualification and pre-approval?

A pre-qualification is when you speak to a lender and provide them with general information about your credit and  finances, after which, they’ll determine if you seem qualified to apply for a loan within a particular price range. This is only a superficial determination, however. 

When you’re going out to look at a home you want to buy, you’ll want to be armed with a pre-approval letter. A pre-approval is an in-depth analysis of your creditworthiness and financial history; if you’re qualified in the lender’s eyes, they’ll provide you with a letter that you can present to a seller as proof that you can afford to buy their property. This gives you a huge advantage when submitting an offer on a home. 

“A pre-approval letter gives you a huge advantage when submitting an offer on a home.”

What does the application process look like?

You can apply for a pre-approval at Mortgage Lending Solutions for free in person, over the phone, or online. This is only step one of the process, which gives your lender a financial picture—where you live, where you work, what assets you have, etc.

After this application, be prepared to provide important income and tax documentation to your lender. Those who are self-employed will need to provide their tax returns; those who work for a company will need to provide their pay stubs and W-2s.

Visit, call (305) 735-2524, or email to start your pre-approval application process, and stay tuned for part two of this series! In the meantime, if you have any questions, don’t hesitate to reach out to Schmitt Real Estate Co. We’d love to hear from you.