06/27/2023
What is the difference between pre-qualification and a pre-approval???
Pre-qualification can be a casual rough estimate of what you may be approved for. It can be verbal and usually nothing is done formally to get the process started.
A pre-approval, is basically a full application for a mortgage. It is a in depth process and look at all of your documentation. This can include your income, debts, assets, credit inquiry and more. From here, you will get your answer. If you are pre approved you will get an amount that you could be pre approved for and this is usually good for 3-4 months as things continuously change.
If you have any specific questions or want to see where you are at, I know all the right people. There are no commitments to inquire and ask questions.
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