Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?

 · Armed with misconceptions, many home buyers mistakenly think that pre-qualification and pre-approval for a mortgage are the same thing. In reality, there is a big difference between these two terms. Understanding the distinction could be the difference between having your offer on a house accepted or rejected.

Prequalified is when you (the consumer) agree to provide your credit information to a lender in order to shop for credit offers-such as a credit card or loan. Preapproved is when a lender independently determines that you meet their requirements for credit and sends you an offer.

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Understanding Mortgage Prequalification vs Preapproval. so you can get a feel for what to expect in terms of monthly payments for different loan amounts.

Loan pre-approval is more involved and in-depth than a pre-qualification. For starters, you will need to complete a mortgage application. A full financial background check will be performed with an underwriter reviewing your credit report, pay stubs, bank statement, tax information, assets, obligations, etc.

In lending, pre-approval has two meanings: The first is that a lender, via public or proprietary. Usually, what happens is pre-qualification, instead.. guaranteed to be immediately granted the loan if you apply," the literal meaning is different.

 · To get mortgage pre-approval, you usually have to pay an application fee to complete a mortgage application. Just like with pre-qualification, you supply your lender with your financial details. The difference here is that your lender will perform an extensive financial background check and on your current credit rating.

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A pre-qualification is more of an estimate, while a pre-approval is generally a true conditional loan approval issued after your income and assets have been fully underwritten. To obtain a pre-approval, you must fill out a mortgage application and give your lender full documentation of your financials.

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The difference between a mortgage pre-approval vs. pre-qualification is enormous! Mortgage Pre-Approval Defined According to the Federal Reserve’s definition, a mortgage pre-approval is a written commitment that’s issued by a lender following a comprehensive analysis of their overall creditworthiness.

Learn the difference between a pre-qualification and pre-approval, and which one can help you make the strongest home offer possible.

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