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.