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Shopping for a home: the mortgage process. Should I get pre-qualified or pre-approved?

Shopping for a home: the mortgage process. Should I get pre-qualified or pre-approved?

Posted On: June 4, 2019 by Falcon National Bank in: Your Financial Life | Personal Banking

The home buying market is hot right now. Summer is the perfect time to move, the economy is stable and buyer confidence is high. However, inventory is also a bit low and that means that houses are selling fast. If you are actively looking, you will want to be prepared to act quickly when you find that perfect property. That means having all your financing sources in-line. What’s the first step? Pre-qualification and pre-approval are two different terms used to describe the initial part of the loan process. Pre-qualification is often seen as the first step in the mortgage process and pre-approval is the next step. Both essentially give you an estimate of how much you may ultimately be approved to borrow. What’s the difference? A pre-qualification is based on basic information about your income that you verbally give a lender and is a rough estimate of how much you can afford. Pre-qualification is like a pre-test. A pre-approval is documented. This documentation shows

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