Pre-qualification is a verbal analysis of one’s income, assets, and credit without reviewing documentation for support. On the other hand, pre-approval entails a full review of credit, income, and assets to ensure accuracy on one’s qualifying amount and loan options. Most sellers require a pre-approval letter along with your offer to ensure that if the price and terms are met, the buyer has the ability to complete the transaction. Please view our loan process video for more information at The Renno Team.
Last modified: December 11, 2017