What’s the Difference Between Pre-Qualified, Pre-Approved, and Approved?
AuthorSteph Matarazzo. Date:
If you’re in the process of buying a home, you may have heard a lot of new words thrown around. There are tons of terms you may not be familiar with like “pre-qualified,” “pre-approved,” and “approved.” Before getting into home buying, you’ll want to know the difference between these three terms. It can be confusing to try and figure out the difference between pre-qualified, pre-approved, and approved for a home loan. Each one of these is slightly different. This article breaks down the differences between these terms so that you know exactly what they mean. What does Pre-Qualified mean? Pre-qualification is the first step in the home buying process. It’s a quick way to get an idea of what you can afford and how much house you can buy. Pre-qualification is usually done through a mortgage loan officer at a bank, credit union, or lender. They’ll look at your income, … Continued
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