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Pre-Approved Or Pre-Qualified


According to one school of thought, however, when you
are "pre-qualified," the lender is making an educated
guess about how much you can borrow based on
information you`ve provided. When you are "pre-
approved," the lender has verified everything you have
told him or her and is offering to lend you up to a given
amount at current interest rates -- under certain conditions.
Whether pre-qualified or pre-approved, final clearance
and a check at closing -- a loan commitment -- are
subject to an appraisal satisfactory to the lender, good
title, a last-minute credit check, and other verifications.
When meeting with lenders, always ask how they
define each term and what additional steps will be
required to obtain a loan.