Pre-Qualification Vs. Pre-Approval
When you hear Pre-Qualification and Pre-Approval, you may thing the terms are interchangeable, but they have different meanings when it comes to the home buying process.
Heres what you need to know:
Pre-Qualification
Pre-Approval
A best guess of what you can possibly afford Can be based of of a verbal statement of income May not always be reliable
An actual extimate of how much you can afford Has been verifies by an underwriter through documentation Significantly more reliable
While a Pre-Qualification may get you started thinking about your options, a Pre- Approval will tell you exactly what you can afford.
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