Page 29 - for PDF DOWNLOAD Copy of 5.23.23 Final Copy of 2023 BUYERSHOME GUIDE

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

What about pre-qualification?

WHAT IS IT:

Pre- Pre-qualification doesn’t carry the same

Approval vs authority as pre-approval.

Pre- To get pre-qualified, a lender usually only

evaluates your debt, income and assets to
Qualificati give you an estimate for how much you’re

likely to be approved.

This quick procedure doesn’t include an

analysis of your credit report, an in-depth

look at your ability to buy a home and is

NOT underwritten.

We’ll explore the entire process of

getting a mortgage in another section,

because pre-approval is just the

beginning.

But with your pre-approval letter in

hand, you’re ready to compete with

other bidders and find your home.