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Which type or program of mortgage you can afford and what kind you can get are important things to know when you are doing research before the home buying process. You might have a price range in mind, but you run the risk of setting your sights too high or too low. Narrow down your range by getting pre-qualification and then pre-approval.The Difference – Pre Qualification-Pre-qualification is a basic overview of a borrower’s ability to get a loan. You provide all the information, without any kind of paperwork to back it up.So why get pre-qualified?It’s quick and can be done online or over the phoneYou’ll know if you can afford a mortgageIt can give you a basic idea of what kind of mortgage you can getWhile pre-qualification is relatively easy, don’t rely entirely on that information. Mistakes can be made and discrepancies can and will be found during the pre-approval or the final approval process.The Difference – Pre Approved -Pre-approval is more in-depth. The lender will look at your bank statements, credit score and other information to demonstrate your financial capability. Neither is a guarantee you’ll get the loan, but a pre-approval is more reliable and more favorably viewed by REALTORS? and potential sellers when you start home shopping.Being pre-approved is not a sure-fire way of obtaining a loan, either. For example, if you are pre-approved one month, but then you take out a loan for a new car next month, you can damage your ability to get a mortgage. You do not want to change careers, spend too much money or take out loans during the home-buying process. If you do, you can hurt your loan eligibility.While being pre-qualified and pre-approved won’t guarantee you a loan, it’s recommended you do both. At the very least, get pre-approved.So when you’re looking for a new home to buy, it’s in your best interest to do the following:Get pre-qualifiedGet pre-approvedShop for a home based on your pre-approval amountApply for the loan ................
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