Getting pre-qualified rather than pre-approved
May sound alike, but they’re completely different.
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
Consider me your #1 resource for all things regarding Boston condos for sale! Household changing? Getting married (or divorced)? Time for a change of scenery or job relocation? Want to invest? Just send me an email at firstname.lastname@example.org or call 617-595-3712 – I can help.
Newest Boston condos for sale – Just listed
Sorry we are experiencing system issues. Please try again.
Boston condos for sale
Back Bay Boston condos for sale
Beacon Hill Boston condos for sale
Charlestown Boston condos for sale
Navy Yard Charlestown Boston condos
Dorchester Boston condos for sale
Fenway Boston condos for sale
Jamaica Plain Boston condos for sale
Leather District Boston condos for sale
Midtown/Downtown Boston condos for sale
Seaport District Boston condos for sale
South Boston condos for sale
South End Boston condos for sale
Waterfront condos for sale
North End condos for sale
West End condos for sale
East Boston condos for sale
Boston condos to rent:
Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent