Monday, March 15, 2021 / by Mitch Stein
How Are Pre-Qualifying and Pre-Approval Different?
How are pre-qualifying and pre-approval different?
Pre-qualifying is an informal way of presenting the amount you MAY be able to borrow. You can be pre-qualified over the phone with no paperwork. You will tell a lender your income, your long term debts, and the size of the down payment that you can make. Without any obligation, this helps you to arrive at a ballpark figure that you may be able to spend on buying a house.
Pre-approval is an actual lender's commitment to lend money to you. It involves assembling financial records and performing a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you serious about buying their home.
If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070.
Mitchell Stein
License# 02081632
Pre-qualifying is an informal way of presenting the amount you MAY be able to borrow. You can be pre-qualified over the phone with no paperwork. You will tell a lender your income, your long term debts, and the size of the down payment that you can make. Without any obligation, this helps you to arrive at a ballpark figure that you may be able to spend on buying a house.
Pre-approval is an actual lender's commitment to lend money to you. It involves assembling financial records and performing a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you serious about buying their home.
If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070.
Mitchell Stein
License# 02081632
