Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Prequalification Versus Preapproval. What is the Difference?

April 26, 2017difference preapproval prequalification versus

0

Posted

Prequalification Versus Preapproval. What is the Difference?

1 Answer

0

Posted

Prequalification is a letter of opinion written by a loan agent suggesting that the borrower is qualified for a loan. A preapproval is letter stating that the client has been formally preapproved by a bank. The preapproval is a binding commitment subject to buying a property that meets bank rules and of course subject to no changes in one’s financial condition.