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What is the difference between Pre-approval, Pre-qualification, and Mortgage Commitment?

April 26, 2017commitment difference mortgage pre-approval pre-qualification

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What is the difference between Pre-approval, Pre-qualification, and Mortgage Commitment?

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If you are just getting started in the hunt for a new home, it is important to know the difference between pre-qualifying, pre-approval and a loan commitment. It is not enough to simply begin looking for the home of your dreams. It is critical that you determine the price range that you can afford, get qualified for a loan, and understand all of the steps to assist you in securing that perfect property when you find it.