There is a difference between getting "Pre-Approved" and getting "Pre-Qualified" for a home loan.
PRE-APPROVAL uses basic information as well as electronic credit reporting to determine whether a lender will loan you money. In this scenario, the lender has given you a commitment to support your new purchase.
PRE-QUALIFICATION is NOT a mortgage approval, but simply an estimate of what you can afford... At this point there is no guarantee that the lender will support your financial needs.
People who are pre-approved for a mortgage are more attractive candidates to the seller and have a better chance of getting the property when they make an offer! Please comment if you have any questions regarding getting pre-approved for a loan.
To post a comment on this blog post, you must be an HAR Account subscriber, or a member of HAR. If you are an HAR Account subscriber or a member of HAR, please click here to sign in. If you would like to create an HAR Account account, please click here.
Erase note
You currently have no custom folders