What is the difference between pre-qualifying, and pre-approval?
A mortgage pre-qualification is obtained through a verbal exchange with a lender that tells you in advance how large a loan you may qualify for, based upon the information you provide the lender about your debt and income. Pre-approval goes a step further than pre-qualification. It involves making a written loan application and time to process your loan. We strongly recommend it! Think about the strength you add to an offer you make by providing the seller with a pre-approval letter by your lender. If you and someone else bid on a home at the same price and you have a pre-approved letter, but the other buyer doesn’t, guess whose offer the seller will choose!
