qualification and Pre-approval Whats the difference?
There are two general steps in the loan process: pre-qualification and pre-approval. Pre-qualification is generally the process that gives you “a darn good idea” of how much home you could afford, or “qualify for” (given your credit, income, and other factors). Whereas, pre-approval is the process by which the lender determines the actual amount they will lend you after verifying your credit, income, and other factors considered during the pre-qualification period. Going beyond pre-qualification and getting pre-approved puts you in a much stronger bargaining position when it comes time to make an offer on a home. To get qualified and pre-approved, please visit the mortgage approval portion of our site.
