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What is the difference between pre-qualification and pre-approval? Do I really need to do this?

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I am looking for a suitable mortgage loan. I have been browsing websites and came to know that pre-qualification and pre-approval is better. I have heard that right now mortgage interest rates are relatively low. I stay in Michigan. I’m a little bit confused between pre-qualification and pre-approval. Do I need to do this?

It is better to get pre-approved than pre-qualified. Pre-qualification is the initial step in which you get an idea about the mortgage amount you can qualify. The lenders assess it on the basis of your overall financial condition. Getting pre-approved means you get in writing for the exact loan amount you can take out from that lender so that you can search for a house within that price.

Sub: #1 posted on Fri, 08/19/2016 - 17:20

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