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Home » Mortgage Articles » Pre-qualified vs. Pre-approved

Pre-qualified vs. Pre-approved

Pre-qualified vs. Pre-approved

What’s the difference?

When you are pre-qualified for a loan the mortgage lender has basically looked over your numbers and suggested the amount you can afford. Although this may appear to be a guess as your numbers have not been verified, the lender does this every day so it is better than a guess. A mortgage lender may provide you with a letter of pre-qualification to be used when searching for a home. Generally there is no charge for getting pre qualified.

When you are pre-approved, the mortgage lender has basically verified all of the information you provided for the application. This includes how much you earn, how much you owe and your credit rating or FICO score. You will most likely be charged for this service. A letter of pre approval is furnished to you by the mortgage lender and this puts you in a much stronger position when purchasing a new home as the seller knows you are pre approved and are thus qualified to buy a new house.

The reason the term “pre” is used is because it happens prior to actually finding a home. Many years ago lenders would only allow buyers to apply for a loan once they had actually found a new home.

pre-qualified for a loan the mortgage lender

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Looking for a low rate home loan? You will find low rate home loans at 1st Nations Mortgage. We designed this mortgage site to give you all the information you need to assist you in obtaining financing for your new home.

1st Nations Mortgage is one of the largest mortgage brokers in Virginia. We offer low rate home loans for Home Purchase, Refinance, Reverse Mortgage and Debt Consolidation throughout all of Virginia.

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