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Pre-approval and pre-qualification (1 viewing) (1) Guest
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TOPIC: Pre-approval and pre-qualification
#208
marciagon (User)
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Pre-approval and pre-qualification 9 Months, 1 Week ago Karma: 0  
Barbara;

What is the difference, if there is any, between being pre-approved and being pre-qualified?

Thanks.
 
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Barbara_Reaume (Admin)
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Re:Pre-approval and pre-qualification 9 Months, 1 Week ago Karma: 0  
marciagon;

Thanks for asking.

Being pre-approved is when a lender has investigated your credit history and verified your income with a view to telling you the maximum loan they will offer and at what rate. A pre-qualification is not as in-depth but more of a short analysis of your ability to afford a mortgage at the particular time.
 
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