Pre-qualifying
gives you a general idea about your borrowing power.
If you pre-qualify for a loan, you have met with a lender
regarding your income and assets. Based on those statements, you qualify for a
given loan amount.
Keep in mind that pre-qualifying merely gives you
an estimate based upon the information you provide.
Pre-qualifying gives you an estimate of how much
you can afford in a mortgage payment.
Pre-qualifying for a mortgage will help answer
these questions: How much house can I afford? How
much income do I need to qualify? Once you are
pre-qualified for a specific loan amount, you will
enjoy the following advantages: house-hunting with
confidence, negotiating power, flexibility, and
service excellence.
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