0 votes
in Loan by
What’s the difference between being prequalified and preapproved?

1 Answer

0 votes
by

A quick conversation with your lender about your income, assets and down payment is all it takes to get prequalified. But if you want to get preapproved, your lender will need to verify your financial information and submit your loan for preliminary underwriting. A preapproval takes a little more time and documentation, but it also carries a lot more weight.

Which is better? Think of prequalification as an initial step and preapproval as the green light signaling that you’re ready to start your home search. When sellers review your offer, a preapproval means you’re a serious buyer whose lender has already started the loan process.

Related questions

0 votes
asked Jul 12, 2020 in Loan by anonymous
0 votes
asked Jul 12, 2020 in Loan by anonymous
0 votes
asked Jul 12, 2020 in Loan by anonymous
0 votes
asked Jul 12, 2020 in Loan by anonymous
0 votes
asked Jul 12, 2020 in Loan by anonymous
0 votes
asked Jul 12, 2020 in Loan by anonymous
0 votes
asked Jul 12, 2020 in Loan by anonymous
...