What is the Difference Between Mortgage Pre-qualification and Pre-approval?
Posted by Judy Orr on
A guest author just wrote an article on benefits of getting pre-approved before purchasing a home getting pre-approved before buying a home. It really isn't just an idea or suggestion, most sellers will not accept an offer without at least a pre-qualification letter. If a seller doesn't understand the importance of this, the listing agent will educate them.
How it used to be done
When I first started selling real estate in 1983 there were no pre-qualification expectations. We would go through an entire loan process, waiting on pins and needles to see if the buyers would get approved for the mortgage. In many cases, they didn't.
In fact, we did our own pre-qualification process. We would just ask the buyers questions about their job history,…
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