The Difference Between Pre-approved & a Pre-qualified Mortgage
Posted on Apr 15, 2024 in Mortgages & Financing
The terms "pre-approved" and "pre-qualified" are often used interchangeably in the context of mortgage financing, but they actually represent different stages in the mortgage application process:
Pre-Qualified:
Pre-qualification is the initial step in the mortgage application process.
To get pre-qualified, you provide basic financial information to a...
Mortgage Pre-approvals are NOT always Guaranteed
Posted on Mar 08, 2021 in Mortgages & Financing
Obtaining a pre-approval for a mortgage is an important first step to purchasing a home, so you have an idea of the price you need to shop for and what to spend. But it's not always a guarantee you'll get the financing or even the exact amount they originally mentioned.
What are Mortgage Pre-Approvals? A pre-approval is the preliminary estimation b...