Pre-Qualification vs Pre-Approval
The biggest difference is that the pre qualification process is based on estimates, nothing is 100%verified until the approval process.
Employment
- Pre Qualification: Verification not required
- Pre Approval: Verification required
Income:
-Pre Qualification: Estimate
-Pre Approval: Verified via paystubs, tax returns
Liabilities:
- Pre Qualification: Estimate
- Pre Approval: Pulled from credit report
Credit Score:
- Pre Qualification: Verbal estimate
- Pre Approval: Pulling credit report
Assets:
- Pre Qualification: Verbal estimate
- Pre Approval: Confirmed via bank statements and other documents
Text to connect! 778-347-4663
We are happy to help anytime!
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