Pre-Qualifying vs. Pre-Approval

Watch this video and it’ll make sense.

Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender’s actual commitment to lend to you. It involves assembling financial records and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

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John C. - Ironton, OH

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"Bought and sold our house there. In and out very quickly, friendly employees, answered any questions/concerns knowledgeably!"

Shawn S. - Hurricane, WV

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Wanda C. - Buyer - Ashland, KY

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