Pre Qualification vs. Pre Approval
PreQualification is only a loan agent's opinion that you'll
be able to obtain financing. No verifications are made, so
home loan features and the things you should consider as
you shop for a lender or loan.
formal approval is not issued.
What kind of lender are you borrowing from?
.
Home loans are available to consumers from thrift
PreApproval means your loan application has been taken
institutions commercial banks, mortgage companies,
through a rigorous procedure. Preapproval saves you the
credit unions and mortgage brokers.
time of looking at houses you can