Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?

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First, let’s explore the differences between pre-qualification and pre-approval. Pre-Qualification. Pre-qualification is a simpler procedure. A buyer will fill out a loan application and provide their support documentation. The mortgage professional will review this and also run a credit check. If everything looks good, a pre-qualification.

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º Improving your credit score. º Understanding the difference between a mortgage pre-qualification and pre-approval. º Saving for a down payment. º Understanding basic housing terminology. º Helping.

Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference? When buying a home, cash is king, but most folks don’t have hundreds of thousands of dollars lying in the bank. Of course, that’s why obtaining a mortgage is such an important part of the process.

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The differences between mortgage pre-approval and pre-qualification might be enormous, but one thing remains the same – both documents do not guarantee a mortgage. After formally applying for a home loan the mortgage underwriter has the final say.

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The difference between a mortgage pre-approval vs. pre-qualification is enormous! Mortgage Pre-Approval Defined According to the Federal Reserve’s definition, a mortgage pre-approval is a written commitment that’s issued by a lender following a comprehensive analysis of their overall creditworthiness.

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Prequalified is when you (the consumer) agree to provide your credit information to a lender in order to shop for credit offers-such as a credit card or loan. Preapproved is when a lender independently determines that you meet their requirements for credit and sends you an offer.

A pre-qualification letter is granted after inspecting your credit performance, application form and other parameters. It is not a guarantee that a mortgage loan will be approved. It gives you an opportunity to gauge your financial health and the kind of loan that will be most suitable for you.

You may have heard of the terms "pre-qualification" or "pre-approval" and you might be wondering what the difference is. Both of these processes can help you be approved for a home mortgage, but the terms of pre-qualification and pre-approval are vastly different.

Mortgage Pre-qualification vs. Pre-approval Often times people use these terms interchangeably, but they actually have a huge difference that’s important to understand. A pre-qualification letter means you went to a company, they took a very basic look at your information, and they came up with a maximum loan amount that they think you can afford.