Confused about what getting pre-qualified or pre-approved means?
You're not the only one. There's a big difference between a mortgage
pre-qualification, a pre-approval and an actual mortgage approval.
Getting pre-qualified for a mortgage helps give you an idea of how
much you might qualify to borrow. But since you have not actually
applied for a loan, and the lender only has your word on your credit,
income, assets and liabilities, a home loan or mortgage amount is not
guaranteed. With a pre-qualification, no information has been verified.
If you receive a letter from the lender, it may only state that you are
likely to be approved for a mortgage.
While it's helpful to be pre-qualified for a home loan, it doesn't
always guarantee you'll be approved for a loan. Our pre-approved
mortgage is based on your real credit score, and really puts real
estate agents and home sellers at ease. At the same time, you're in
control when making an offer to a seller. They'll know you're a serious
buyer who's ready and able to make a deal.