Mortgage Pre-Qualification vs. Pre-Approval: What's the Difference
posted Thursday, November 16, 2017
When buying a home, cash is king, but most folks don't have hundreds of thousands of dollars lying in the bank. Of course, that's why obtaining a mortgage is such a crucial part of the process. And securing mortgage pre-qualification and pre-approval are important steps, assuring lenders that you'll be able to afford payments. However, pre-qualification and pre-approval are vastly different. How different? Some mortgage professionals believe one is virtually useless.