For all brand new homebuyers, the terms pre-qualification and pre-approval appear interchangeable. However they are maybe maybe not — therefore the difference can be an one that is important.

When you are getting pre-qualified, we perform an instant check to ascertain generally speaking how big a mortgage you really can afford. Really, each time a customer is pre-qualified, the lending company says it would probably accept the customer for “x” amount.

To get pre-qualified, you’ll have to provide us with a few basic informative data on gross month-to-month earnings, other dependable reoccurring earnings, the balances and repayments on present debts, and exactly how much money is conserved for an advance payment. More