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What is the difference in pre-qualifying and pre-approval?

April 26, 2017difference pre-approval pre-qualifying

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What is the difference in pre-qualifying and pre-approval?

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Pre-qualification is when your loan officer gathers information on your (your credit history, debts, income, & assets) and configures an ESTIMATED mortgage amount for which you could qualify. On the other hand, pre-approval is the actual guarantee from a lender to finance you for a specific amount. To get pre-approved for a loan will make the whole closing process go by much quicker!