You will hear mortgage people throwing around words like Pre-Qualified, Pre-Approved & Approved. What do these mean? Which do you need to purchase a home? This article will rapidly sort this out for you.
Pre-Qualified: For this only basic information would be gathered from you to qualify you for your new home loan. This would include looking at your credit and your debt to income ratio (much do you owe including the payment for your new mortgage vs. how much you earn). You would also be asked if you are working and for how long. This is a very fast and very easy process.
Pre-Approved: A Universal Loan Application {1003} is taken. Some forms may need to be signed. Income documentation may be gathered at this time, but is not necessary for a pre-approval. T View the rest of this article
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