Please get a loan Pre Approval Letter prior to starting the search for your next home .
It gives you a better position when you do find the home thats for you .
Whats the difference between them?
Pre Approval is conditioned agreement for a specific loan amount ,based on verification of your income,assets and credit , satisfactory appraisal and title of the property when you have found the home you want to purchase
Pre Qualification is an estimate only of your borrowing power and is not a loan commitment letter ,when you speak with a lender you will provide information about your income ,credit and assets
Your loan officer will explain how much money will be needed for the down payment and provide an estimate of all fees for the loan
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