Pre-qualified means you've discussed your income and debt with a qualified loan specialist, and they've told you what it sounds like you can afford to spend for a home.
Pre-approved is much stronger than pre-qualified as to get pre-approval, you need to provide documentation to your loan specialist and usually pay a loan application fee. After review of all your paperwork, you loan specialist will usually provide a pre-approval letter for you to give to your REALTOR to put with any purchase agreement you decide to write for your dream home.
In a competing offer situation, this gives your offer more strength than an offer without a pre-approval letter.
Already have a pre-approval letter? Search all Albuquerque listings in your price range right now! Don't have a pre-approval letter yet? Want to know more about how to get pre-approved? Let us know - call us today at 505-821-7666 or email us at email@example.com.