Mortgage Pre-Qualification VS Mortgage Pre-Approval

Do you know the difference?

Ready to purchase your home?

Know the difference between Mortgage Pre-Qualification and Mortgage Pre-Approval? Home Loan Application form

A Mortgage Pre-Qualification is a very brief look without the research on your actual documentation. The first glance, you might say.

A Mortgage Pre-Approval is what you should actually have before you start looking. It is issued only after a lender reviews pay stubs, tax returns, credit reports, and other important financial information about a potential borrower. You should also see what other Documents may be required to secure the loan at this time as well.

Realtor with For Sale SignMost Realtors want you to have an actual Pre-Approval before they will show you homes.

Once you have the Pre-Approval you will know how much home you can comfortably afford. Your Pre-Approval will let Seller’s know you are serious because you already have a Mortgage Loan secured.

Having a Mortgage Pre-approval can save both you and your Realtor time and emotional stress by already knowing how much you can afford and by knowing you already have your Mortgage Pre-Approval gives you confidence to move quickly once your perfect home is found.

 

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