Difference between Pre-Qualified and Pre-Approved

 

Many of you have probably heard that you should get “pre-qualified” and/or “pre-approved” for a mortgage.  But what is the difference you ask?  When looking at mortgages and the application process, there are typically several steps taken:

Pre-Qualified - essentially looks at how much money you could get for a loan given your current circumstance.

Pre-Approval - is a conditional commitment from your lender to actually grant you the mortgage.

Any questions?  Please don’t hesitate to connect with our in-house mortgage experts at Mortgage Intelligence.

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