If you’re shopping for a home today, be sure you’ve been pre approved for a mortgage loan. Pre approval means you’ve met with a lender, formally applied for a home loa, shared your financial documents and know exactly how much you can spend on a home.
Home sellers like working with buyers who are pre-approved for a loan because financing is less likely to be a hurdle. Pre-qualification is no pre-approval; being pre-qualified is a less formal process with just an estimate of how much money you can borrow.
What’s The Difference Between Pre-Approval & Pre-Qualified?