What is pre-qualification vs. application?
You have the option of filling out a pre-qualification or application based on your current situation. If you are just starting to look for a home or wanting to get a sense of how much you may be able to borrow, a prequalification will tell you within minutes the loan amount you may qualify for given the information provided. Filling out a full application, on the other hand, will give MStarloan.com the additional information necessary to run your application through automated underwriting. An approval indicates that you have been approved for a set loan amount based on the information you provided on the application. This will secure your ability to put an offer on a new house or proceed with a refinance on your existing home.
