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What are the differences between pre-qualification and pre-approval?

April 26, 2017differences pre-approval pre-qualification

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What are the differences between pre-qualification and pre-approval?

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Pre-qualification is the lender’s opinion of your ability to qualify for a loan and is based on your employment, income, and general information bout your home and your current mortgage. Pre-approval is the underwriter’s decision that you are qualified for a loan, subject to the receipt and review of all conditions to close the loan and the lender’s review of your completed application and credit history.