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Pre-Approved vs Pre-Qualified

Pre-Approved vs Pre-Qualified

What’s the distinction between a pre-approved and pre-qualified for mortgage loans?

Pre-Qualified Pre-Approved
outcomes A ballpark loan estimate an initial credit review
Credit Check No credit check Does incorporate a credit check

The Procedure

It’s not too difficult to obtain a page of pre-qualification. The entire process of securing a pre-qualification page typically involves calling up home financing loan provider and supplying these with some information that is financial.

A pre-approval, having said that, involves a preliminary credit check. Pre-approval provides you with a far better estimate of what a true home loan can look like for you. Continue reading Pre-Approved vs Pre-Qualified