A Look at Pre-Qualified and Pre-Approved Mortgages
Posted by Chris Proctor on
In my experience helping numerous home buyers –
especially first timers – knowing the difference between a pre-qualified mortgage and pre-appoved mortgage is a VERY important. Unfortunately, there is a lot of confusion surrounding the two (probably because they "seem" to be the same thing if you just go by what they're called).
To help you avoid any unpleasant surprises or needless stress, let me explain the difference between the two in a simple and jargon-free way.
Pre-Qualified Mortgages
A pre-qualified mortgage is a fairly simple process, and it can usually be done over the phone or over the Internet. You provide a lender (e.g. a bank or other financial-type institution) with a snapshot of your financial picture. This includes your income,…
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