First-time home buyers may not understand the difference between a mortgage prequlaification and mortgage approval. At the end of the day, prequalification is not the same as being approved for a mortgage loan. While both are important to buying a home, one definitely holds more weight. How should a renter get started and what do they need to know about prequalification, preapproval and the mortgage application process?
Know which one is preferred by sellers. Understand more about mortgage prequalification and approval today.
How Prequalification Works
A lender asks about a number of factors and may…