Understanding What Pre-Approval & Pre-Qualification Is!
Your first move in the homebuying process should always be to speak to a top mortgage lender in your area, regardless of how far in advance you plan. A lender can tell you which houses are in your price range and how long it will take you to buy a house before you start looking at homes. You can obtain pre-approval for a mortgage from your lender after you've been pre-qualified. Both steps will help you get closer to making an offer on a new home and can make a difference when you're ready to make an offer. What is pre-qualification? The best way to determine if you're qualified for a home loan is by getting pre-qualified. Why? Pre-qualification is free and easy. An estimated loan amount is provided to you based upon basic qualifying information and general lending standards when you are prequalified. It provides you with a range of possible home prices. To pre-qualify, simply provide your income information to a lender. They will ask you about your income and credit hist...