Pre-qualification v. pre-approval, what is the difference?
A pre-qualification is based on information provided to the loan originator. The information could be as simple as a conversation about your income, assets, and debts, to providing the supporting documentation.
A pre-approval is where an underwriter reviews your file, including the loan application, credit report, income and asset documentation, and approves the file subject to finding a property. This is also known as a credit and income approval. A pre-approval gives you confidence when shopping for a home because you are already approved by the lender. You may also be able to close quicker because part of the loan process has been completed.
We offer both pre-approvals and pre-qualifications.
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Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
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