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
Beore beginning your house hunt, it's a good idea
to get pre-qualiied or pre-approved or a mortgage.
Doing so will give you an idea how much you can
a ord to spend so you won't waste your time
looking at houses that are out o your price range.
Keep in mind, though, that pre-qualiications and
pre-approvals are two very di erent things:
• Getting PRE-QUALIFIED simply means that a
lender has provided you with an estimate o the
mortgage amount you will likely qualiy or. I 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 veriy your
income, credit, etc. I that lender does decide to
pre-approve you or a mortgage, it essentially
means you are guaranteed to get a loan up to a
speciied amount (assuming no major inancial
changes occur) or a limited period o time.
HOME
FINANCING
OPTIONS
L E A R N T H E L I N G O :
