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Pre-Approvals vs. Pre-Qualification
Manage episode 152606577 series 1065190
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What’s the difference between a mortgage pre-qualification and a pre-approval? Both terms are used interchangeably, but they are actually quite different.
A pre-qualification is simply verbal information taken over the phone or maybe online by your lender. They’ll ask about income, employment, and assets. A pre-qualification also includes a credit report.
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Don’t look at homes without a pre-approval.
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A pre-approval letter goes a step farther. Your loan professional collects all the documentation confirming your income, employment, assets, and credit report. The pre-approval helps you find the best products and pricing that will meet your needs.
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