What Is The Difference Between Pre-Quallification and Pre-Approval?

A pre-qualification will estimate how much money you are eligible to borrow before you apply for a mortgage. Be prepared to provide basic information such as income, debts and assets

A pre-qualification is not a pre-approval or loan approval.

A Pre-Approval is an exact dollar amount of how much a person qualifies for. This is done by submitting supporting loans documents to me and letting me review them and verify the information that was given during pre-qualification stages.

Also during this time, we will pulling your credit score to determine which loan is right for you and how the interest rate will be affected.

What are supporting loan documents you asked and how does my credit score affect my loan? Stay tuned!


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