Mortgage Questions -Try Me

Mortgage Pre-Qualification
Pre-qualification means that a lender has evaluated your creditworthiness and has decided that you probably will be eligible for a loan up to a certain amount. 
Most often, the pre-qualification letter is an approximation - not a promise -based solely on the information you give the lender and its evaluation of your financial prospects. 

 

Mortgage Pre-Approval
A pre-approval letter is the real deal, a statement from a lender that you qualify for a specific mortgage amount based on an underwriter's review of all of your financial information: credit report, pay stubs, bank statement, salary, assets and obligations.  
Pre-approval should mean your loan is contingent only on the appraisal of the nothing changes in your financial picture before closing. 

Ray Antonelli