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The Difference between Pre-qualification and Pre-approval

When it comes to buying a home, pre-qualification and pre-approval are terms you need to understand. First, they can help save you from the disappointment in learning you don't qualify for the loan you need to purchase your dream house. Second, they can help differentiate you, in the eyes of the seller, from the crowd of other tire-kickers traipsing through the home.

Pre-qualification Letter

The simplest process is pre-qualification. All you, the potential buyer, need to do is obtain a letter from a lending institution stating that, based on the financial information you have provided regarding your monthly income and expenditure, the lender would extend a loan to you up to a particular limit to enable you to purchase a home. It is a simple, informal, and non-binding agreement that demonstrates to the seller that you are a serious buyer. There is no charge for a pre-qualification letter and it does not obligate you to do business with the lender that issued it.

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