a prequalification is a guarantee from the lender to loan you money.
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· Prequalification processes vary by lender, so start first by narrowing down a few mortgage lenders or banks you might like to work with. Most lenders have short prequalification forms or applications on their websites that you can use, or you may be able to text, email, or call a loan officer to get prequalified.
– But both terms mean that a lender is likely willing to loan you a certain amount of money, as long as the financial info you’ve provided checks out – and as long as a deeper dive doesn’t raise any red flags. compare how two different lenders use preapproval and prequalification.
Both prequalification and preapproval can give you an idea of estimated loan terms and if you might be approved for a loan from the lender. In practice, prequalification typically means the lender will use a soft credit inquiry, while preapproval often indicates a hard inquiry.
Tip: You can use this contact for your pre-qualification and pre-approval needs, but don’t forget to shop around with other banks and brokers as well to ensure you obtain the lowest mortgage rate possible! There’s absolutely no obligation to use the broker, bank, or lender that provided the pre-approval. What Is a Mortgage Pre-Qualification?
Mortgage loan prequalification and loan preapproval both sound great, and both can be good. But one is far closer to a guarantee from a lender. If you are applying for a mortgage loan, it’s important to understand the differences between the two.Prequalified Is Not ApprovedBeing prequalified for a loan
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A mortgage prequalification is an estimate of how much you can afford to spend on your home in conjunction with how much money a lender might be willing to give you. A mortgage pre-approval by a bank or mortgage broker means that you have a vague commitment from a specific mortgage lender for future funding.
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Just bear in mind that this loan prequalification calculator is in no way a guarantee. It is, however, a good starting point in figuring out if you can get pre-approval for a home loan. Loan.
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