You always hear the terms pre-approval and pre-qualification, but do you know what the difference is?
Here’s what they actually mean 💡
A pre-qualification involves submitting some basic financial information to a mortgage lender and getting your credit checked to get a general idea of whether you are qualified to get a mortgage, how much you could borrow, and the interest rate.
The pre-approval process is a deeper dive into your financial situation where a lender will require more documentation of the financial details you provide as well as a formal loan application. Preapprovals hold more weight and are more useful when trying to buy a home.
Need help with your pre-approval process? Just give me a shout out and I can definitely guide you through the process.
✉️ ratsmy.chansipaeng@kw.com
📞 832.457.5917
📍 Nashville, TN
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