- Pre-Qualified - This gives you an idea of how much you might qualify to borrow. This process usually requires that you provide information to your mortgage lender but the information has yet to be verified. You have not actually applied for the loan yet, the information has not been verified, your credit history has not been reviewed and the loan is NOT guaranteed. A pre-qualification letter merely states that you might be approved for the mortgage amount.
- Pre-Approved - When you are "pre-approved" for a loan, your mortgage lender has received, checked and verified your income, as well as assets and liablities information. A copy of your credit report has likely been reviewed to check your credit history and habits. When you receive a pre-approval letter, it means that you are very likely to be approved for a mortgage and also states the amount for which you may be approved. A pre-approval carries more weight than the pre-qualification letter.
To make the process as seamless as possible, be sure you work with a trusted mortgage lender that will take time explain your options thoroughly and answer any questions you may have. Good mortgage lenders take the time to verify information prior to pre-approval and they work with you to help clean up any issues or inaccuracies on your credit report which may serve as obstacles to getting final approval for the mortgage.
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