Understanding the difference between Pre-qualification vs. Pre-approval, get you closer to achieving your home buying dreams!
Pre-qualification is when your lender gives you an estimate of the types of loans you would qualify for. This is based on a few details about your finances. This provides some help during your planning and browsing.
The process for getting pre-approved is longer more detailed. Your lender reviews not only your credit, but your income and financial statements. A pre-approval leaves you with a letter from your lender specifying specific mortgages you are highly likely to qualify for and what you need to do to keep the approval.
I am happy to give you a great lender referral to help get pre-approved for your home loan
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