PRE-APPROVAL VS. PRE-QUALIFICATION
Before starting your home search, it’s important to know exactly how much you can spend on your new home. This will help you narrow down which house you want and give you peace of mind when it comes to making an offer. So, what exactly is the difference between pre-approval and pre-qualification?
Pre-approval gives you a more definitive idea of what you can afford and shows sellers that you are serious about buying. You will need to provide documentation of your income and your debt, as well undergo a preliminary approval process. A licensed loan officer will enter that income and asset data into our Automated Underwriting System (AUS), which provides a stronger Initial AUS Underwriting Determination.
Pre-qualification is an informal way to see how much you might be 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.
Your Metro Brokers Financial mortgage consultant is there throughout the process to answer any and all questions. By working with a Metro Brokers Financial professional you trust, you will be in your new home before you know it!