What’s the distinction between a pre-qualified and pre-approved for mortgages?
|Results||A ballpark loan estimate||an initial credit review|
|Credit Check||No credit check||Does add a credit check|
It is not too difficult to obtain a page of pre-qualification. The process of securing a pre-qualification page typically involves calling up a home loan lender and supplying these with some economic information.
A pre-approval, having said that, involves a initial credit check. Pre-approval provides you with a much better estimate of just what a true home loan can look like for you personally.