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In a nutshell, it has to do with the amount of validation that's taking place. The primary difference is in the level of validation and the amount of information that that's provided by the person who's trying to get the loan. The reason you want that validation is that you want some level of certainty. Certainty that if you found that house, you could get that house, and certainty that you're looking at the right level of homes. Even if you've done your own calculations, a pre-qualification can give you a more precise figure on how much you can borrow, so you can make a more detailed budget and plan.
If you have a mortgage, you’ve probably heard chatter about the forbearance plans available to help homeowners weather financial difficulties during the pandemic. Your lender may have sent you something in the mail about forbearance options or have information about forbearance on its website.But what exactly is forbearance — and should you take your lender up on it?
If you're trying to sell your home without a realtor, read this expert advice.
Mortgage pre-qualification doesn't typically require a credit check like pre-approval, and is ideal at the beginning of your home-buying process.