Pre-approval vs. pre-qualification: not the same thing
These two words get used interchangeably by everyone except the people who decide whether you get the house. Listing agents know exactly which one you brought — make sure it's the right one.
| Attribute | Pre-qualification | Pre-approval |
|---|---|---|
| What it is | An estimate based on what you tell the lender | A reviewed decision based on documents and a credit pull |
| Verification | None — self-reported | Pay stubs, W-2s, bank statements, credit report |
| Time to get | Minutes | Often 1–2 days once documents are in |
| How listing agents read it | "This buyer hasn't been checked" | "This financing is real" |
| Good for | Early budgeting conversations | Writing offers that win |
Why the difference decides offers
Imagine you're the seller with two similar offers. One buyer attached a pre-qualification — an unverified guess. The other attached a full pre-approval, and their lender called your agent to walk through the file. Which one do you trust with your sale? That's the whole game.
What Spencer needs from you
- Recent pay stubs (typically 30 days)
- W-2s (typically two years) — or tax returns if self-employed
- Recent bank/asset statements (typically two months)
- Photo ID, and consent for a credit check
Everything moves through Fairway's secure application and document portal — never email attachments, and never through this website. Here's the full checklist with a progress tracker.
The offer-matched letter trick
One more pro move: your letter should be re-issued at each offer's exact price. A letter showing your maximum tells the seller how much more you could pay — terrible negotiating posture. Spencer cuts a fresh letter per offer, usually within hours, nights and weekends included.
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.
Get the letter that means something
Call, text, or apply. Pre-approvals move fast so your offers can too.
Applications run entirely on Fairway's secure systems — this site collects nothing.