Blackhawk Bank, Mortgage Services

Blackhawk Bank, Mortgage Services 400 Broad St. Beloit, WI
Phone: (608) 364-8911

Do you know the difference between pre-qualification and pre-approval? They’re slightly different wording, but have very different meanings when approaching a closing.

Pre-qualification typically entails a quick call to a lender who will ask a few questions, run a credit report and produce a letter that states you’re pre-qualified up to a certain purchase price, subject to proof of income, assets and appraisal on the property you want to buy. It seems quick and easy, but later in the process, you’ll be required to submit pay stubs, W2s, tax returns and bank statements for review. When that information is reviewed by an underwriter, the amount you were originally pre-qualified for may change, or you may be ineligible for the loan amount.

Pre-approval requires you to submit your income and asset documentation before we issue a letter that says you’re approved to borrow up to a certain amount. We run your credit report, and since you’re actually applying for a mortgage loan, you’ll sign loan disclosures to ensure that you understand all aspects and costs of the loan before you begin shopping for a house. Pre-approval comes with certain conditions, and ensures that there are no unwanted surprises later in the process. A seller will accept a pre-approval over a pre-qualification letter, and the loan has a much better likelihood of reaching the closing table.


400 Broad St.
2200 Cranston Road

2141 N. State St.

200 W. Milwaukee St.

5206 Elevator Road

Machesney Park
9609 Forest Hills Road

2475 N. Perryville Road
3101 11th St.