Real Estate Finance: Prequalification vs Preapproval

Obtaining a Letter of Pre-Approval or Pre-Qualification

Like most buyers, you will probably be paying for your home using financing of some sort. Before determining your price range and searching for homes, you need to know if you will be able to get the loan you desire for the amount you require.

If you are buying a home using financing, the first thing you should do is get Pre-Qualified or Pre-Approved.