Mortgage Expert Blog

Differences between a pre-approval and a pre-qualification

When you’re ready to start shopping for a home loan here in Edina, Minnesota you are going to need to either become “pre-approved” or “pre-qualified”. What is the difference? A pre-qualification does not require your social security number and allows you to compare loan details without having your credit accessed. This however is very difficult to do accurately unless you can specifically state your middle credit score, gross monthly income and can list all of your other monthly obligations. A pre-approval means the lender runs your credit, reviews your income and...

April 7th, 2016 | loan, pre-approved, pre-qualified, credit score, Differences between a pre-approval and a pre-qualification