Prequalificaton vs preapproval
What is mortgage prequalification?
Prequalification can be the first step in your home purchase journey. It is a basic calculation of the amount of what you can borrow. Often, it involves you disclosing your income, debt and can also involve a credit inquiry. The lender can give you options or programs you may qualify for based on the info you provided.
What is mortgage preapproval?
Preapproval is a more thorough calculation of your borrowing ability. You complete an application with your mortgage lender and they will confirm your credit worthiness, income and debt. If you get a preapproval, you will receive a letter stating the amount a lender is willing to lend to you that is good for 90 days.
Where do you get a preapproval?
There are many lenders and programs available to you. We work with many preferred lenders and would be happy to assist you in finding someone to get you preapproved.