May 2017

There are 1 blog entries for May 2017.

There is a popular misconception among buyers that if a lender pre-qualifies them for a mortgage, they have been pre-approved for a loan. However, these two terms are very different.

 Getting pre-qualified is the first step in the mortgage process, where a bank or lender goes over your comprehensive finances. This includes your debt, income, and assets. Pre-qualification does not include credit report analysis nor does it include an in-depth look at your capability to buy a home. This step is simple and can easily be done over the phone or on the internet, typically with no charge.

 The purpose of pre-qualification is to allow you and your lender to go over any goals or needs you may have in regard to your mortgage. This is when your lender can

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