How to Tell the Difference Between Prequalified vs. Preapproved - Total Mortgage Blog
How to Tell the Difference Between Prequalified vs. Preapproved - Total Mortgage Blog
Abstract
A mortgage prequalification is a feature provided by lenders to let potential home buyers know what price range they can afford for a property and an approximate interest rate on the mortgage loan. There are critical differences between prequalified vs. preapproved, with the prequalified more general and the preapproval more formal in nature. A pre Qualified is not something you submit along with an offer can be used to convince the seller of a property. A letter can be beused to convince a buyer to move forward. The response time for a Mortgage Which One Is Right for Me — Prequalified or Preapproved.