Pre-Approval and Pre-Qualification in Obtaining a New Home Loanby Kelly Richardson
Loan Page Columnist
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When searching for a new home loan, many buyers become inundated with a barrage of new mortgage terminology. Two terms you will hear frequently are "pre-qualified" and "pre-approved." So the burning question is just which one of these stages of mortgage limbo should be in.
New Home Loan: Pre-QualifiedPre-qualification is the first step and usually the faster of the two. In this stage, you can expect to:
Many mortgage lenders can pre-qualify you over the phone these days. With the speed and accessibility of information over the Internet, information can be acquired almost instantaneously.
New Home Loan: Pre-ApprovedThe pre-approval process is much more thorough, but more informative, as well. In this stage you can expect to:
Despite their official sounding natures, pre-qualification and pre-approval are just two of the stops on the road to home ownership. Remember, your mortgage lender wants to give you that new home loan. You are both on the same team.
Federal Home Loan Bank of Atlanta
About the Author
Kelly Richardson covers the local education and technology scenes in major cities across the country. His articles appear in educational journals, periodicals, and e-zines.
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