Pre-Qualification vs. Pre-approval
Before you begin house hunting, see if you are financially
able to get a mortgage and get an estimate of what you pre-qualify
for from a lender.
A mortgage "prequalification” or "affordability
estimate" is free and provides a general idea of the
amount you may potentially qualify to borrow based on information
you provide regarding your income, debt, and assets.
A "preapproval" is a credit-only approval for a
maximum loan amount. A pre-approval is subject to verification
of your income, debt and asset information, as well as receipt
of a satisfactory purchase contract and appraisal.
The biggest difference between a prequalification and a preapproval,
is that on a preapproval your credit is pulled and the lender
is able to give you a letter stating that once your income
and assets are verified your loan is approved There may be
a fee charged for a preapproval. If you are working with a
real estate agent, getting pre-approved lets them know you
are a knowledgeable and serious buyer.
For a FREE pre-appproval call Tammy Wilt toll free at 1-877-467-7008
or e mail at tammy@tammywilt.com
or click
here to fill out an application.
If you haven’t found a real estate agent to work with
yet, contact Tammy Wilt right away
or go to the Realtors page at
this website for information on agents that have proven track
records.
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