Watch this video and it’ll make sense.

Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender’s actual commitment to lend to you. It involves assembling financial records and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

TitleTap

TitleTap

TitleTap provides turn-key websites and marketing tools like Video, Social Media Management, and Email Marketing for Title Agents and Real Estate Attorneys. Get more great marketing tips like this specifically relevant to Real Estate, Title Insurance, Mortgage Lending, and Law by subscribing or visiting our blog above.
TitleTap

Related Post

What Happens After I’ve Applied For My Loan? http://fwd4.wistia.com/medias/28oyswmizf?embedType=iframe&videoFoam=true&videoWidth=640 It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Like the video shows, it’s not unusual for the lender to ask for more information once the application has...
What Is The Best Way To Compare Loan Terms Between Lenders? http://fwd4.wistia.com/medias/njws11l9fx?embedType=iframe&videoFoam=true&videoWidth=640 Watch this video and take a few notes! First, devise a checklist for the information from each lending institution. You should include: the company's name and basic information the type of m...
What Steps Need To Be Taken To Secure A Loan? http://fwd4.wistia.com/medias/5x2f4pp6vj?embedType=iframe&videoFoam=true&videoWidth=640 You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you'll need the following information. Pay st...
Don't Go At It Alone. Download The Free PDF!"10 Uncommon Questions to Ask Before Hiring a Web Designer"

All websites are not created equal! Download a free PDF with all of the questions you need answered BEFORE hiring a web designer.

Download Now