12/21/2021
Pre-Qualification VS Pre-Approval: What's the Difference?
Homebuyers hear a lot about pre-qualification and pre-approval throughout the mortgage process, but what really is the difference? Pre-qualification is one of the earliest parts of the journey to homeownership in which the homebuyer receives an estimate of what they might be able to borrow based on provided financial information and a credit check. Pre-approval is a full application, run based on your specific financial information and a full credit check, to provide you with an exact offer of how much you can borrow before signing a contract.