“Mortgage Preapproval versus Prequalification”
It’s important to talk to a lender before starting the homebuying process so you’ll lean how much money you can borrow and get an estimate of your monthly payments. Most lenders can offer both a loan prequalification and a loan preapproval. A prequalification asks you to provide some basic information about your income , assets, and debt obligations but often relies on the buyer’s self-reported information to estimate a loan amount. A preapproval goes deeper by checking your credit report and score, examining your financial accounts, and verifying income. A pre-qualification helps you understand how much you can borrow, while a preapproval is a more official document that you’ll be required to submit with an offer on a home.
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