What is the difference between pre-qualification and preapproval?

Approved Mortgage application form with a calculator and penPre-qualification estimates how much of a mortgage you will get when you do apply. If you’re considering purchasing a home soon, this should be one of your first steps. It will give you an idea of what price range you can afford.

When you’re ready for the next step, you should apply for pre-approval. Once you’re preapproved, you will have a written commitment from a mortgage lender saying that they will lend you money. People selling a home like to see that you’ve been preapproved because it shows that you can receive financing. It also helps expedite the buying process.

If you need help with finding a lender, contact us and we’ll help you with that.

About The Author

Debbie Sakson
Debbie Sakson


Leave A Comment