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Getting a pre-qualified letter is the FIRST step in a mortgage process. This process is more casual and can usually be processed over the phone or on the internet. After evaluating the information, the bank/lender will discuss a range amount of a mortgage you could receive. Remember… a pre-qualified letter does not carry the same weight as being pre-approved because a pre-qualified letter is an idea of the amount of money you could borrow…not a promised amount.
Getting pre-approved is the next step, which is a more intense look into your finances. Your and your bank/lender would sit down and look at your finances more extensively. At this point your bank/lender will explain a specific amount you can borrow and talk about which mortgage would be best.
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It is extremely important that you start your pre-qualification and pre-approval process before you start your home search. This not only helps you and your Realtor® look at homes in your price range, but it helps a seller know you are one step closer to obtaining a mortgage.
