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 lend the amount of money specified, assuming the property chosen meets the lender’s criteria. The loan process is basically complete when an application has been taken, including all required verifications, and usually without the property information being known.  For complete program details and to find out if you qualify, contact us today at 888-488-3807 or go to www.OneTrustHomeLoans.com.

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