You’ve heard the terms pre-qualification and pre-approval, but what do they mean? They are the same thing, right? Not quite! The terms have been used interchangeably, but their true definitions differ. We’re going to break it down and explain the difference between the two. Pre-qualification The very first step to take if you are ready.
Reader question: “My uncle who is a real estate agent suggested that my wife and I get pre-approved for a home loan before we go out looking for houses.But he didn’t go into the details very much. He just said that sellers won’t give us the time of day’ without a lender letter of some kind.
For this reason, a pre-qualified buyer doesn't carry the same weight as a pre- approved buyer who has been more thoroughly investigated.
Likewise, pre-approval vs pre-qualification may sound the same but there are a few important differences between the two. Pre-Qualification is Quick, Easy and Non-committal. A pre-qualification for a mortgage is quite simple. You call a lender, or visit their website, and provide some basic information.
Learn how you can Get Pre-Approved to Buy a Home in Seattle & Bellevue, WA areas. Contact our Mortgage Lenders to learn more about the Approval Process.
Likewise, pre-approval vs pre-qualification may sound the same but there are a few important differences between the two. Pre-Qualification is Quick, Easy and Non-committal A pre-qualification for a mortgage is quite simple.
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Before diving into the home buying market, savvy shoppers, like you, already have an idea of how much home they can afford. Both mortgage pre-approval and pre-qualification will give you an estimate, but only one may help you unlock the door to your new home.
Mortgage pre-qualification and pre-approval sound alike, but for home buyers there’s a big difference between the two. Which one is superior? It looks like Cookies are disabled in your browser.
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Remember pre-approved and pre-qualified are not the same thing. Don’t assume that the bank will provide your loan until you have been pre-approved. The mistake could cost you your new home, so before you meet with the banks, do your homework by getting pre-approved. Another important way to prep for getting a mortgage is researching interest.