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preapproval vs prequalification: Pre-Qualification vs. Pre-Approval Which is Better? - 04/28/09 10:43 AM
Some of you looking to purchase a home may be wondering how a a pre-qualification differs from a pre-approval.
A Pre-Qualification letter essentially means you spoke to a lender about your desire to purchase a home...You let them know what your income is and your monthly obligations are (car payment, personal loan, child support, etc.). They may or may not run a credit report. Obtaining a pre-qualification letter is basically a quick conversation on the phone to see what you "may" (keyword is "MAY") be able to qualify for. It's simply an estimate.
A Pre-Approval letter requires a bit more work. … (2 comments)

 
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Chanda Barrick REALTOR (Indianapolis/Surrounding areas)

Indianapolis, IN

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Keller Williams Indy Metro West

Address: 8102 Kingston St., Suite 400, Avon, IN, 46123

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