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What is the difference between a mortgage pre-qualification and pre-approval?
Posted : 28/04/2024 3:17 pm
Here are the differences between a mortgage pre-qualification and pre-approval
Pre-qualification is based on the borrower's self-reported financial information, while pre-approval is based on verified financial information.
Pre-qualification is a quick process, usually taking one to three days, while pre-approval takes longer, typically 10 business days.
Pre-qualification is an estimate of how much the borrower can expect to receive, while pre-approval is a conditional commitment for an exact loan amount.
Pre-qualification does not require a credit check, while pre-approval requires a credit check.
Pre-qualification is not a guarantee of approval, while pre-approval is a stronger indication of approval.
Pre-qualification is usually done over the phone or online, while pre-approval requires a formal mortgage application.
Posted : 30/04/2024 10:16 pm