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Mortgage prequalification is an informal estimate of how much you may be able to borrow. It’s based on information you provide, without any verification from the lender regarding its accuracy ...
Prequalification Getting prequalified is generally easier and faster than getting preapproved. To prequalify you, lenders will typically ask you for some financial information like your income and ...
Some mortgage lenders give borrowers the option to see if they prequalify for a loan. To get a prequalification, you’ll need to undergo a soft credit check — which won’t affect your credit ...
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Just as prequalification and preapproval are different, preapproval differs from actual mortgage approval too. Preapproval: Preapproval doesn’t guarantee you a loan; it’s just one step toward ...
In lending, a pre-approval is the pre-qualification for a loan or mortgage of a certain value range. [1]For a general loan a lender, via public or proprietary information, feels that a potential borrower is completely credit-worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.
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