W H AT'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
FINA NCING
OPTIONS
L E A R N T H E L I N G O :
