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4.
How is pre-qualification different from pre-approval?
Any reputable real estate broker will "pre-qualify" you for a mortgage
before you start house-hunting. This process includes analyzing your income,
assets and present debt to estimate what you may be able to afford on a house
purchase. Mortgage brokers, or a lender's own mortgage counselor can also
calculate the same sort of informal estimate for you.
Obtaining mortgage "pre-approval" is another thing entirely. It
means that you have in hand a lender's written commitment to put together
a loan for you (subject to verification of income and employment).
Pre-approval makes you a strong buyer, welcomed by sellers. With most other
purchasers, sellers must tie the house up on a contract while waiting to see
if the would-be buyer can really obtain financing.