pre-approval vs. pre-qualification
A pre-approval is much more powerful to take on your house-hunt than just a pre-qualification. With a pre-approval, you essentially have a budget and know exactly how much you can spend—home sellers will know that your offers are serious.
Pre-qualification can be done in as little as five minutes on the telephone or internet. This is only as good as the accuracy of the information.
Pre-Approved means an application has been completed. It essentially gives you a working budget — the information on the application has been documented, reviewed, and some form of underwriting has been done. Pre-approval will make your offer stronger. |