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FAQ's Home Buying Home Buying What is the difference between "pre-qualified" and "pre-approved"?
FAQ's Home Buying Home Buying What is the difference between "pre-qualified" and "pre-approved"?
What is the difference between "pre-qualified" and "pre-approved"?
- Date added:
- Thursday, 07 May 2009
- Last revised:
- Friday, 12 June 2009
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If you are "pre-qualified" you have determined, with a loan officer, what price you can afford based on the down payment, your debts and the amount the mortgage company will approve for your mortgage. Being "pre-qualified" is only a determination of your probable credit. If you are "pre-approved", your credit, employment and funds have been approved by the lender.
If you are "pre-qualified" you have determined, with a loan officer, what price you can afford based on the down payment, your debts and the amount the mortgage company will approve for your mortgage. Being "pre-qualified" is only a determination of your probable credit. If you are "pre-approved", your credit, employment and funds have been approved by the lender.Category
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