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Pre-qualification or Pre-approval?...


What is the difference?  Find out here.

Mortgage Pre-qualification

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Pre-qualification starts with questions regarding your income, monthly debt, employment and available cash down.

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A credit report is done, generally from all three major credit bureaus.

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The loan officer reviews all of your information and determines the best loan for you and the amount you may qualify for.

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The loan officer may issue you a Pre-qualification Certificate or letter.

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In simple terms, a pre-qualification is ONLY the loan officer's OPINION of your ability to obtain a mortgage loan.

Mortgage Pre-approval

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Pre-approval begins first with a pre-qualification as described above.

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A mortgage loan application and loan disclosure documents are signed.

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You furnish documents such as pay stubs, bank statements, employment information and the last two years W-2s.

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You actually apply for a loan even though you have not yet found a property to purchase.

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Your loan is processed and then sent to the underwriters for approval. When approved, you are given a firm loan commitment from the lender.

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When you find your new home, an appraisal on the property is done and you are READY TO CLOSE!!

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Simple....  Easy.....  And there is no cost to be pre-approved!

Have the same power of a cash buyer....

Pre-approve free today

FREE Online Prequalification

           

Equal Housing Lenders
 Last modified:  09/17/2009
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