Definition of Pre-Qualification:
Loan Pre-Qualification Orange County:
A pre-qualification is an informal evaluation of a buyer's credit worthiness and gives them a rough estimate of how much they can afford to borrow. The main difference between pre-qualification and pre-approval is that the lender doesn't verify any information the borrower provides for a pre-qualification. Lenders will verify credit, income, employment and other assets when buyers get pre-approved. A pre-qualification is not a good to use when representing a buyer, the seller is looking for a pre-approval if they are going to accept an offer – the difference between the two is night and day, make sure you read the document closely.