Mortgage Pre-qualification VS Pre-approval

so let's talk about mortgage pre-qualification versus pre-approval if you are a home buyer and you have perhaps called a lender and chatted with that lender about your income your debts and your credit history the lender will say well based upon what you've told me you qualify to buy a home up to X amount and that's a good first step

pre-approval may take longer pre-qualification may take 10 minutes pre-approval may take 10 days and you provide pay stubs or w2's verification of perhaps employment and the lender has pulled your credit report and the end result is a letter from the lender saying this buyer is ready to go they are pre-approved and believe me if you are in a situation that you were competing with another buyer for a home that you love the pre-approval will win every time Thanks

Source: Youtube

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