Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?
Pre-Approval vs. Loan Commitment. One of the most misunderstood item in the mortgage process is the difference between a "pre-approval" (sometimes referred to as "pre-qualification" or "preliminary loan approval") and a "loan commitment". Knowing the differences between the two will help you avoid unpleasant surprises when you are in the process of obtaining a mortgage loan.
The biggest difference between preapproval and pre-qualification, at least from a lender’s point of view, is validating information with documents as opposed to just getting verbal information. From a borrower’s point of view, the difference is the leverage that preapproval gives you when it comes to purchasing a home.
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They sound alike, but they're very different.. Preapproved or prequalified for a mortgage: Find out which is better.. The lender uses this information to determine whether to offer you a loan, and at what maximum amount and interest rate.. Prequalification and preapproval are key steps in obtaining a.
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The main difference between a pre qualification versus pre approval is that the pre qualification is mainly a preliminary interview process between the home buyer and the mortgage loan officer to see where the home buyer stands in qualifying for a home loan and how much home the home buyers can afford.
Remember, a pre-qualification is based on the information you provide to the lender and it has yet to be verified. You have no guarantees with a pre-qualification. Pre-Approved. Loan pre-approval is more involved and in-depth than a pre-qualification. For starters, you will need to complete a mortgage application.
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First, let’s explore the differences between pre-qualification and pre-approval. Pre-Qualification. Pre-qualification is a simpler procedure. A buyer will fill out a loan application and provide their support documentation. The mortgage professional will review this and also run a credit check. If everything looks good, a pre-qualification.
There are many steps to getting approved for a mortgage, and buyers should understand where they need to be before they begin visiting available properties. With an understanding of the differences between mortgage pre-qualification, pre-approval, and approval, buyers will be better prepared. For informational purposes only.