Besides the peace-of-mind it provides house purchasers, pre-approval letters offer leverage when negotiating with house vendors.
But just how yes a plain thing is just a pre-approval? Is it possible to be rejected even when you’ve been pre-approved? Can there be a significant difference between getting pre-qualified and getting pre-approved?
What’s the Difference Between Pre-Qualified and Pre-Approved?
Getting pre-qualified is usually the step that is initial your home buying procedure.
Pre-qualifications are often an easy process involving a discussion with home financing lender, either over the telephone, in individual or electronically. Your loan provider will make inquiries related to your credit, earnings and downpayment. Continue reading