Get Pre-Qualified
01. Pre-Qualification vs Pre-Approval
- Pre-qualification provides you with a general indication of your position as a borrower, but should only be considered as a preliminary step in obtaining a mortgage.
- A pre-approval involves a complete review of your credit history and financial circumstances, and will allow you to begin your home search with a lender's firm commitment for your required loan amount.
02. Benefits
- Since pre-qualification is only a preliminary step, and typically does not involve the expense of a credit report or appraisal, there is usually no charge for this service.
- You know how much you can borrow, so you don't waste time visiting homes you can't afford.
- You have an edge when you make an offer, because the seller knows you're likely to get a loan and close the deal.
- You save time on closing your loan, because you've already assembled your paperwork.