Financing

The Difference Between Pre-Qualification and Pre-Approval

September 17, 2009 by foreclosureguy · Leave a Comment 

Pre-qualification is the first step in obtaining mortgage financing. A potential borrower
answers a few questions to provide the loan consultant with a quick snapshot of the
borrower’s income, existing debt, accumulated savings and whether or not there is a
co-borrower. Signature(s) allow the loan consultant to run a credit report and begin to
determine what loans are good [...]