Mortgage Pre-Qualification vs. Pre-Approval: The Differences You Need to Know
Posted by Terry Paranych on
What’s the difference between a mortgage pre-qualification and pre-approval? We’re glad you asked. While both are important steps in the home buying process, there are some key distinctions between the two.
Here’s what you need to know:
What is a Mortgage Pre-Qualification?
Simply put, a mortgage pre-qualification is a free estimate of how much home you might be able to afford. After making a high-level assessment of your finances (income, debt, assets, etc.), a lender will provide you with a ballpark figure for how much you can expect to borrow. Pre-qualifications are typically done the same day online, in person or over the phone.
Advantages of Getting Pre-Qualified
- Knowing how much home you can afford before you begin the home…
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