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

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

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There are a fair number of differences between mortgage pre-qualification and mortgage pre-approval. But, as we can clearly see, the main difference lies within the fact that a mortgage pre-qualification (or pre-qual as they say in the industry) is merely a good first step. It is not nearly as robust as a pre-approval.

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.

Likewise, pre-approval vs pre-qualification may sound the same but there are a few important differences between the two. Pre-Qualification is Quick, Easy and Non-committal. A pre-qualification for a mortgage is quite simple. You call a lender, or visit their website, and provide some basic information.

Pre-approval and prequalification are the first step towards getting a mortgage, and subsequently, buying a home – but what is the difference between pre-qualification and pre-approval? Our mortgage experts have taken the time to break this down for you.

Mortgage Q&A: "Pre-Qualification vs. Pre-Approval" When you initially set out to purchase a new home, the real estate agent(s) and home seller will want to know

2015-03-03  · Before you can get serious about buying a home, you need to get pre-approved for a mortgage. Learn what you need so you can speed up the approval 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.

Preapproval: A Brooklyn-Based mortgage broker explains. By Laura. Q. What is the difference between prequalification vs. preapproval?

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