"FSBO" or "buying foreclosures"
"Chicago, IL" or "Florida"
Views: 1019
Pre-Approved vs Pre-Qualification
Why it's good to get pre-approved:
- You find out how much you are approved for.
- You will know how much you need for a down payment.
- You will know what your monthly payment will be.
Differences between pre-qualification and pre-approval:
Pre-qual does not require an application; pre-approval does.
Pre-qual does not require income verifications; Pre-approval does. This would include W-2 and pay stubs.
Pre-qual does not require asset verification; Pre-approval does.
Pre-qual does not require underwriting approval; Pre-approval does
Also, you will get your credit checked whether you are getting a Pre-approval or a pre-qualification.
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