WHAT'S
WHAT?
P R E - Q U A L I F I C A T I O N V S . P R E - A P P R O V A L
Before beginning your house hunt, it's a good idea
to get pre-qualified or pre-approved for a mortgage.
Doing so will give you an idea how much you can
afford to spend so you won't waste your time looking
at houses that are out of your price range. Keep
in mind, though, that pre-qualifications and pre-
approvals are two very different things:
• Getting PRE-QUALIFIED simply means that a lender
has provided you with an estimate of the mortgage
amount you will likely qualify for. If you choose to
purchase a home, you will still have to go through
the actual mortgage application process at that time.
• Getting PRE-APPROVED requires you to provide
a lender with paperwork so they can verify your
income, credit, etc. If that lender does decide to
pre-approve you for a mortgage, it essentially means
you are guaranteed to get a loan up to a specified
amount (assuming no major financial changes occur)
for a limited period of time.
HOME
FINANCING
OPTIONS
L E A R N T H E L I N G O :
