What is the difference in prequalified and preapproved?
This is somewhat misleading and easy to confuse. Remember, until a Lender/Broker pulls your credit and then submits your loan to an underwriter, you’re only prequalified. This simply means that using the income that you are stating and the monthly payments that you have informed the loan officer of, you qualify for the amount that you have requested. Once a credit report is obtained, then you can be Pre Approved. This carries much more weight with a seller than just prequalified. At AFI Mortgage, we are able to give you an approval when you walk in that very first day. This is because of our direct connection to Fannie Mae. Our volume give us this extra advantage.
