Tag: Preapproval

What is the difference between prequalification and preapproval?

PREQUALIFICATION determines the maximum purchase price of a house that a buyer is qualified to purchase, based on the income and debt information he or she provides verbally to a mortgage professional.  All the information provided by the buyer must still be verified.  This prequalifying information is not a commitment to lend. PREAPPROVAL is actually a commitment to … Continued