Pre-Qualification vs. Pre-Approval Once you have you reviewed your finances and decide to move forward with the home buying process, you’ll want to meet with your lender to get pre-qualified or pre-approved. You may be wondering, what’s the difference between pre-qualified or pre-approval?
PRE-QUALIFICATION
PRE-APPROVAL
A pre-qualification will give you an
A pre-approval is when the lender agrees
estimate of what loan amount you’ll likely
to loan you a set amount of money for
get approved for with your lender.
a mortgage after they have verified your financial information. If you are preapproved, your lender will provide you with a preapproval letter that is good for 90 days and shows sellers that you are a serious, reliable buyer when you make an offer on homes. In a competitive market, we recommend placing an offer on a home with a pre-approval vs a prequalification.
HOME BUYER’S GUIDE
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