Pre-qualified

Pre-Qualified

With a pre-qualification, no information has been verified. If you receive a letter from the lender, it may only state that you are likely to be approved for a mortgage. A pre-approval goes one step further than a pre-qualification. When getting pre-approved, you may receive a letter stating how much you qualify to borrow. Pre-approvals don't always guarantee financing since the buyer's information has not been verified.

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