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Pre-Qualifying vs Pre-Approval

How Are Pre-Qualifying And Pre-Approval Different?

How Are Pre-Qualifying And Pre-Approval Different? Unlimited Mortgage Lending
Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house. Pre-approval is a lender’s actual commitment to lend to you. It involves assembling financial records and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.
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Check if you Qualify for a Loan

Before you start shopping for a home, you need to know exactly how much you can actually qualify for.

Answer 6 simple questions to make sure that you meet the simple basic requirements to qualify for a mortgage.  Once in our “Exclusive Pre-Qualifying Mortgage Calculator,”  all you have to do is plug in your numbers to see if you qualify.  This calculator is based on the income, debt, and purchase price that you enter and will show you if you qualify or not for a Conventional Mortgage Loan or an FHA (Federal Housing Administration) Mortgage Loan.

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