Real estate blog entries tagged with strength by Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.)

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strength: Pre-Qualification? Pre-Approval? What's the difference? - 09/20/13 06:29 AM

Pre-Qualification is NOT the same as Pre-Approval.
Pre-qualification for a mortgage loan is simply a mathematical look at the buyer's stated income and debts that produces a maximum home price the buyer could afford. There is no checking of credit and no verification of any of the information provided by the buyer.
A loan pre-approval won't be provided from a lender until a buyer's credit has been run, the buyer has been evaluated for credit risk, their financials have been looked at more closely, and the lender is confident that everything should go through with the buyer's loan provided normal follow-up conditions … (3 comments)

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