What is the difference between pre-approval and pre-qualification?
The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qualification letter based upon acceptable credit and other criteria. Pre-approval includes all the steps of a full approval, except for the appraisal and title search.
A. The pre-approval process is much more complete than pre-qualification. For pre-qualification, one of our mortgage consultants asks you a few questions and provides you with a pre-qual letter, which only takes a couple of minutes. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval also only takes a few minutes if you’ve gatheredtop the information you need to provide in advance.
“The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.
The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.
