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2019-12-31 12:54:13
Pre-Qualification Vs Pre- Approval





In many cases these terms are used interchangeably. Meaning they both can be used to give you the buyer an idea if you qualify for a loan and a ballpark figure on the amount.  So what is the difference? Usually that comes down to your lender and the loan. Many of times though the pre-qualification process proceeds the pre-approval. Pre-qualification is based off of a discussion with a loan officer on income, credit, debt, assets and such. From there the pre-approval process begins with a deeper more factual, document based look into the information provided in the pre-qualification stage. By taking this deeper look it gives you the buyer a better idea of what type and amount of loan you may qualify for. For more details, make sure to consult the expert; your loan officer.
 
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