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Preapproval and Prequalification are Different.
Preapproval and prequalification are different. Katrina Rockel explains the differences between the two. Katrina is a rather new blogger but has done an outstanding job telling us that the preapproval is much stronger because the lender is saying the buyer has received loan approval. Prequalification is a preliminary look at the buyers credit history and income therefore the statements need to be verified. Give me a preapproval over a prequalification anytime.
Please post any comments to Katrina's blog and welcome her to active blogging.
What’s the difference between Pre-Approval and Pre-Qualification? I get asked that all the time by buyers who are interested in buying their first home. Sometime even experienced buyers will ask this question. I explain this as the first step to buying a home. I have my clients call and/or meet with one of my prefered lenders to get the process started. I recommend doing this before getting into a car and driving all over the place to look at homes, that they might fall in love with and not be able to qualify for. That can be very upsetting and once a buyer falls in love with a home and told that home is out of their ... more
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