Getting pre-qualified or pre-approved should be your first step towards buying a home. Here’s what the difference is between the terms.
Pre-qualification is the initial calculation done to estimate how much you are able to borrow from a mortgage company. Sometimes this is done by a mortgage banker/broker and it is also possible to receive a pre-qualification from an online lender. To receive a pre-qualification you will provide information about your income, debts and assets. Based on that information provided the lender will calculate an amount you can borrow. For a pre-qualification there is no verification done, the lender is only going off the information you provide. There is no guarantee the lender will make you a loan…
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