What is the difference between applying for a loan and getting pre-qualified?
Before you begin to look for your home, it is important that you visit a home loan lender such as Atlas Mortgage Services. We will analyze your assets, debts, and sources of income. Based on the preliminary analysis, they will tell you the amount of loan for which you qualify – this is called a prequalification. Once you find the home you want to purchase, you can then formally apply for your loan, and we will ask you to provide the necessary documentation (e.g. paystubs, bank account information, etc.) to verify that the information you provided during your pre-qualification is accurate.
