Is Pre Qualification The Same As Pre Approval

Getting pre-qualified is the initial step in the mortgage process, and it’s generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income …

Prequalification vs Preapproval Pre-approval provides everyone — especially you — with a little more peace of mind as you begin your home search. It’s important to know that getting “pre-qualified” is not the same as “pre-approved.” …

As you can see, being pre-approved and pre-qualified are not the same thing, so make sure you know the difference before shopping for a home. Do You Need a Pre-Approval Letter to Make an Offer? At the …

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A pre-approval is also supposed to be a bit more thorough than a pre-qualification but that distinction seems to have become meaningless in the last few years with the terms being used interchangeably …

you won’t have to scramble for financing since you’re pre-approved. You may have heard the term pre-qualified in the past and assumed that it was the same thing as being pre-approved. Although similar …

Getting pre-approved is the next step, and it tends to be much more involved. You'll complete an official mortgage application (and usually pay an application fee), then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. The other advantage of completing both of these steps – pre-qualification and pre-approval – before you start to look for a home is that you'll know in advance how much you can afford. Be warned. Pre-approved and pre-qualified are not the same thing. Don't assume that the bank will provide your loan until you have been pre-approved. The mistake could cost you your new home, so before you meet with the banks, do your homework by getting pre-approved. Another important way to prep for getting a mortgage is researching interest rates.

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Reader question: "We are hoping to buy a house in the near future.A friend of ours who is a real estate agent said we should get pre-approved for a mortgage loan. I’ve started researching this, and now I’m even more confused than I was before.

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Getting pre-approved for a mortgage is not the same as getting pre-qualified, although the terms are often used interchangeably. They are actually very different with implications for both buyers and sellers. 'Pre-qualified' means that a prospective borrower has spoken to a lender (often just over the telephone, or via an online application form), and that based on information supplied by the borrower, the lender says that the borrower would probably be approved for a specific loan amount — provided, of course, that the borrower's information all checks out. Because a pre-approval is a commitment, it does take longer to obtain — roughly two weeks longer than a pre-qualification. You will also need to provide bank statements, income verification and pass a credit check. Pre-qualifications can be done in the same day, often right over the telephone or via email, and are based entirely on the borrower's word.

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 you can actually afford the thing.

The end goal is the same: to give sellers the confidence to accept your offer. So make sure you understand what you're getting, and find out exactly how your lender defines "pre-approval" or "pre-qualification." Talk to your real estate agent to determine which is more credible in your market. Pre-approval letters are good for a specific period of time, usually 60 to 90 days. Getting pre-approved early can help you be ready to send in an offer ASAP because you won't have to wait a couple of days for the lender to issue you a pre-approval letter. Pre-approval also signals to everyone else, from real estate agents to sellers, that you are serious. In a competitive market this is particularly important.

Only the underwriter can make that commitment after you have applied for the loan. A pre-qualification is not the same as a pre-approval either, and will not carry as much weight with the lender that …

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Mortgage pre-approval and mortgage pre-qualification have the same great benefits for anyone considering purchasing a home with a mortgage: Both can help estimate the loan amount that you will likely qualify for. This can help you save time by starting your home search by looking only at homes that you know will fit in your budget. Pre-qualification is often seen as the first step in the mortgage process, and pre-approval is the next step. With pre-qualification, you'll supply an overview of your financial history to the lender, including income, assets, debts, and credit score.