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Clear FormPrintRequest for Mortgage PreQualification (Purchase Transaction Only) This is not an application for a mortgage loan. The information provided is to be used to determine the likelihood

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How to fill out mortgage pre-qualification vs pre-approval

01

For pre-qualification, contact a lender to provide basic information such as income, assets, and debts.

02

The lender will provide an estimate of how much you may be able to borrow based on the information provided.

03

To get pre-approved, you will need to submit more detailed financial information such as pay stubs, bank statements, and tax returns.

04

The lender will then verify the information provided and issue a pre-approval letter with a specific loan amount you qualify for.

05

Use this pre-approval letter when making an offer on a house to show sellers that you are a serious buyer with financing in place.

Who needs mortgage pre-qualification vs pre-approval?

01

Mortgage pre-qualification is typically recommended for those who are just starting the homebuying process and want to get an idea of how much they may be able to borrow.

02

Mortgage pre-approval is more suitable for those who are ready to start house hunting and want to show sellers that they are serious buyers with financing already secured.

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What is mortgage pre-qualification vs pre-approval?

Mortgage pre-qualification is a preliminary assessment of a borrower's financial status to determine how much they may be able to borrow, whereas pre-approval is a more detailed process where a lender verifies the borrower's information and conditionally approves them for a specific loan amount.

Who is required to file mortgage pre-qualification vs pre-approval?

Individuals looking to apply for a mortgage are required to go through the pre-qualification and pre-approval process.

How to fill out mortgage pre-qualification vs pre-approval?

To fill out mortgage pre-qualification, borrowers typically provide basic financial information, while for pre-approval, borrowers provide more detailed financial documentation such as tax returns and pay stubs.

What is the purpose of mortgage pre-qualification vs pre-approval?

The purpose of mortgage pre-qualification is to give borrowers an estimate of how much they may be able to borrow, while pre-approval helps borrowers understand how much they can actually borrow and shows sellers they are serious about buying.

What information must be reported on mortgage pre-qualification vs pre-approval?

On mortgage pre-qualification, basic information such as income and assets is reported, while on pre-approval, more detailed information including credit history, debt-to-income ratio, and employment history is reported.

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