The Real Estate Encyclopedia
What is the difference between loan pre-qualification and pre-approval?
Category - Home Selling Questions - Selling Legal & Closing FAQ's
Pre-qualification is a short and simple process of asking a few questions about job history, debt to income ratios and credit history. Based on satisfactory answers a figure is calculated on what you can afford. Pre-approval takes it a step further as the lender will actually perform a credit check, collect financial information (bank statements, W-2's, 1099's, etc.) and have the proper verifications (financial and employment) completed by an underwriter.


External Links
Home Selling Questions - Selling Legal & Closing FAQ's
Home Selling Questions - General Home Selling FAQ's
Home   |   About Us   |   Contact Us   |   Patrons   |   FAQ's   |   Site Map
© 2008 - All Rights Reserved.
Thank you for visiting Real Estate Wiki - the leading dictionary, directory, encyclopedia and glossary for the real estate and mortgage industries .