Mortgage Pre-Approval vs. Pre-Qualification
What are the main differences between mortgage pre-approval and mortgage pre-qualification? Whether you’re a buyer or a seller, it can be all too easy to confuse the terms “pre-approval” and “pre-qualification.” Although pre-qualification and pre-approval share some similarities, they are quite different. As a home buyer, it is important to understand the differences and how they may impact your chances to buy a home, especially in a competitive real estate market as we have here in Raleigh. In this article, we will define pre-approval and pre-qualification, explore how they differ, when they should be used, and the steps that should be taken to complete both processes.