Boston condo terms: Difference between pre-qualified and pre-approval
Boston Condos for Sale and Apartments for Rent
Boston condo terms: Difference between pre-qualified and pre-approval
What is pre-qualification?
Pre-qualification entails a basic overview of a borrower’s ability to get a loan. You provide a mortgage lender with information—about your income, assets, debts, and credit—but you don’t need to produce any paperwork to back it up. In return, you’ll get a rough estimate of what size loan you can afford, but it’s by no means a guarantee that you’ll actually get approved for the loan when you go to buy a home.
What is approval?
Mortgage pre-approval, meanwhile, is an in-depth process that involves a lender running a credit check and verifying your income and assets. Then an underwriter does a preliminary review of your financial portfolio and, if all goes well, issues a letter of pre-approval—a written commitment for financing up to a certain loan amount.
Bottom line? If you’re serious about buying a house, you need to be pre-approved, since many sellers will accept offers only from pre-approved buyers, says Ray Rodriguez, New York City regional mortgage sales manager at TD Bank
CONCLUSION
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Boston condo terms: Difference between pre-qualified and pre-approval
Getting pre-qualified rather than pre-approved
Mortgage pre-qualification and mortgage pre-approval
May sound alike, but they’re completely different.
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Ford Realty Beacon Hill – Condo for Sale Office
Boston condos for sale – Ford Realty Inc
Updated: Boston Condos for Sale Blog 2024
John Ford Boston Beacon Hill Condo Broker 137 Charles St. Boston, MA 02114
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