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Blog Image: What Is The Difference Between A Pre-Qualification & A Pre-Approval?

What Is The Difference Between A Pre-Qualification & A Pre-Approval?

One mistake that home buyers commonly make is not getting a pre-approval.  Many home buyers believe that a pre-qualification is the same as a pre-approval, which is not true.A mortgage pre-qualification can easily be defined as an estimation of how much a buyer can borrow.  In many cases a pre-qualification is only as good as the piece of paper that it’s written on.  It’s fairly common practice that a mortgage lender who pre-qualifies a buyer asks them for information such as income, debts, and other assets without verifying the information.  If a buyer is not t...

March 14th, 2017 | annapolis, brokers, buy new, credit, lenders, loans, mortgage, new home, real estate, refinance, pre approval, pre qualification, What Is The Difference Between A Pre-Qualification & A Pre-Approval?