mortgages irvine: Differences Between Pre-Qualification and Pre-Approval
- 11/20/19 01:58 PM
Getting pre-qualified or pre-approved for a mortgage loan gives you more concrete information about what you can and can’t afford. However, the terms are very different and are misunderstood by many.
Here are what those terms really mean.
Pre-Qualification Getting pre-qualified for a loan is a very easy process. It’s an initial evaluation of your creditworthiness. You provide the lender your approximate income, the amount of debt you’re carrying, and any other important details from your credit history. The lender uses these figures, which have yet to be verified, to calculate how much money you might be eligible to borrow. The lender may provide … (3 comments)
Getting pre-qualified or pre-approved for a mortgage loan gives you more concrete information about what you can and can’t afford. However, the terms are very different and are misunderstood by many.
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