Mortgage Pre-approval vs Pre-qualification Letter by Bill gassett Enjoy This Real Estate Article? "Subscribe To My Blog - It's FREE and No Spam EVER!" Get my blog articles in your inbox as soon as they are published!
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The terms mortgage pre-approval and pre-qualification unfortunately are used interchangeably which creates confusion amongst the buying public. Folks these two mortgage terms have very drastic meanings. A pre-qualification letter essentially says that you are able to purchase a certain amount based on the income and debt load you have provided a mortgage broker or bank. This really does not mean you are able to get a loan as nothing is verified. In comparing a mortgage Pre-approval vs Pre-qualification there is a world of differences. When a borrower has been pre-approved for a mortgage there are things that have been verified by a lender including income, credit, financial history, debt load and employment. These things are not done when getting pre-qualified. Take a look at the article to see why it makes sense for a buyer to get pre-approved and why most savvy home sellers will require it!