Are you Pre-Qualified or Pre-Approved for a Mortgage

Michigan Mortgage Blog -Atlantis Mortgage

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Are You Pre-Qualified or Pre-Approved for a Mortgage?

When you're planning to buy a home, you're likely to need to have a mortgage. You're also likely to find that many real estate agents will suggest that you get pre-qualified or pre-approved for a mortgage.

But what does pre-qualified mean? What does pre-approved mean? Here are some clearer descriptions that will help you to understand the difference.

Pre-qualification for a mortgage involves a simple look at your income and and expenses to create a debt-to-income ratio. This ratio will give you a preliminary sense of how much home you are able to afford, though it will not give you a sense of what interest rates you are eligible for.

Pre-approval, on the other hand, involves the mortgage lender looking closely at you and at your credit. With a mortgage pre-approval, you'll know what you can afford, the terms of your mortgage loan, the interest rates and incentives that you qualify for and more.

Pre-qualification gives you a sense of the loan that you're eligible for; getting pre-approved on the other hand enables you to shop for a home with confidence.

Atlantis Mortgage
Get pre-qualified and pre-approved for a mortgage.
Michigan Mortgage Blog


www.atlantismortgage,com

Jonathan Saffiedine

866-357-9100

 

 

3 Comments on Are you Pre-Qualified or Pre-Approved for a Mortgage

Great post, it has lots of good info.

Thanks!

Sugar Land, Tx
Where Life is Sweet 

06/18/2007 11:24 AM by Christopher and Bernadette Hurley (Go Hurley Group)

Good post, in my opinion getting pre-approved is the best option as it gives the buyer more leverage. 

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06/18/2007 11:29 AM by Kate Bourland; Redding Mortgage, Loss Mitigation, Money Merge Accounts (Windsor Capital, Dyer Beech & U First Financial)

I have showed my Realtors how to "pre-qualify"  their clients to help narrow down the amount of homes they need to show.  Wonderful information to pocess.

06/18/2007 12:35 PM by Joe Adams (Major Mortgage USA/Branch Manager)

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