Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?

Mortgage prequalification and mortgage preapproval-they both help you understand how much mortgage a lender will authorize. But what's the difference ?

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Only just over one-quarter of Canadians (28 per cent) said they did not understand the difference between mortgage pre-approval and pre-qualification. Giles said, “Buying a home can be one of the most.

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A pre-approval letter or a pre-qualification letter can help demonstrate that you have a good chance of being approved for a mortgage for the amount that you’ve offered on the home. Many sellers will require a pre-approval or pre-qualification letter if you’re planning to get a mortgage.

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Mortgage Pre-qualification vs. Pre-approval Often times people use these terms interchangeably, but they actually have a huge difference that’s important to understand. A pre-qualification letter means you went to a company, they took a very basic look at your information, and they came up with a maximum loan amount that they think you can afford.

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Here is what you really need to know about each one.. A mortgage loan pre- qualification is simply an estimate of how much house you can afford. Neither is the pre-approval binding; you can still obtain a mortgage from a different lender.

Prequalification and preapproval both refer to a letter from a lender that specifies how much the lender is willing to lend to you, up to a certain amount and based on certain assumptions. These letters provide useful information, but are not guaranteed loan offers.

Mortgage Pre-approval Compared to pre-qualification, pre-approval is a much more thorough process that will take a close look at all your finances. The process will take an average of about 30 days.

The mortgage process typically includes getting pre-qualified and/or pre- approved. They're not the same, and in a competitive market, knowing.

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Mortgage pre-qualification and pre-approval sound alike, but for home buyers there's a big difference. Pre-Approval: What's the Difference?

A pre-qualification is an estimate of how much you can afford in a mortgage payment. It is based upon the information you provide, and is subject to the approval process, including further details such as a credit report, appraisal, and income verification. The information you provide won’t be verified as part of the pre-qualification process.