The Pre-Approval Process
Applying for a loan and obtaining approval before finding a home has it's distinct advantages. Unless you are paying cash for a home, making a loan application is an inevitable step. So why not get started now?
Pre-Qualification vs. Pre-Approval
- Pre-Qualification: This is the procedure in which you receive an opinion from a mortgage lender about how much you qualify for. Also this process would uncover any obvious difficulties that might pose a problem. While this process is recommended, the pre-qualification does not have all the advantages of a pre-approval.
- Pre-Approval: A pre-approval requires a complete application with credit reports and verifications. Time limits are usually placed on pre-approvals so…
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