The Real Estate Encyclopedia
What is the difference between loan pre-qualification and pre-approval?
Category - Home Selling Questions - General Home Selling 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.


References


External Links
www.affordablelistings.com
 
 
Category(s)
Home Selling Questions - Selling Legal & Closing FAQ's
Home Selling Questions - General Home Selling FAQ's
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