Is this a sign of a bad agent?

[dpechal]

I got an email telling me the following:

The difference between pre-qualified and pre-approved is, the pre-qualified means there is nothing left undone and the loan will go to closing....the pre-approved on the other hand, means you are approved subject to certain things being in place by closing.....it is very rare, if ever, to see a pre-qualified buyer...

I can't find anything supporting this online, everything says exactly the opposite. Is there something I'm missing here?

Dpechal

[mynameainttracy]

We all make mistakes, maybe things got twisted between their brain and their typing fingers. If it were me, I would question them about it and give them a chance to correct themselves.

[Peter1142]

Yeah except the whole thing doesn't really make sense. Even a firm mortgage commitment letter has conditions to be met prior to closing. Today's "pre-approval" is really just a pre-qualify. No underwriter has looked at your case. They are really worth a grain of salt. I got one based on my word of what my credit score was.

[DallasLoanGuy]

semantics....  maybe that realtor has been told this by a lender who uses 'prequal' differently than the rest of the world.

[dpechal]

Thanks for the help all! Dallasloanguy, do you offer VA loans? I ask cause I'm buying a home in lubbock Texas.

[DallasLoanGuy]

yes, i do va loans