· Pre-Qualification vs Pre-Approval. What’s the real difference? published on August 3, 2017 August 3, 2017 11 Likes 2 Comments
You may have heard of the terms "pre-qualification" or "pre-approval" and you might be wondering what the difference is. Both of these processes can help you be approved for a home mortgage, but the terms of pre-qualification and pre-approval are vastly different.
Before you approach a lender to get pre-approved for a mortgage loan, it is imperative to understand the difference between “pre-approval” and “pre-qualification”. The three basic stages of the.
Pre-qualification is often seen as the first step in the mortgage process, and pre-approval is the next step. With pre-qualification, you’ll supply an overview of your financial history to the lender, including income, assets, debts, and credit score. The lender will review this information to give you an estimate of what you would qualify for.
Here’s what a mortgage pre-approval is, why it’s important, and how to tell the difference between a pre-approval and pre-qualification. What is a mortgage pre-approval? A mortgage pre-approval is.
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Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference? When buying a home, cash is king, but most folks don’t have hundreds of thousands of dollars lying in the bank. Of course, that’s why obtaining a mortgage is such an important part of the process.
What's the difference between mortgage preapproval and prequalification? consumer reports explains.
Pre-qualification is not a sure thing. Pre-approval is the next step after pre-qualification. This is a much more in depth process. At this stage, lenders will require you to provide financial documents such as tax returns and pay stubs. A credit report will also need to be run and you will fill out an official mortgage application.
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A pre-qualification is more of an estimate, while a pre-approval is more of a true conditional loan approval issued after your income and assets have been fully underwritten. To obtain a pre-approval, you must fill out a mortgage application and give your lender full documentation of your financials.
Pre-Approval for a Home Loan. The reason that lots of people make the mistake of using the terms pre-approval vs. pre-qualification interchangeably is because they really are similar. But there is one glaring difference: you cannot self-report your financial information for mortgage pre-approval.
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