What Is a Mortgage Recast? The Mortgage Option Many Homeowners Don’t Know AboutHave you ever learned something and immediately thought, “Why didn’t anyone tell me this sooner?;
Pre-Qualification vs. Pre-Approval
Dated: November 14 2024
Views: 117
Do you know the difference between getting pre-qualified and pre-approved?
Getting Pre-Qualified
Pre-qualification is a quick, simple way to get an idea of how much home you might afford. By providing basic information like your name, phone number, income, assets, and debts, you can get pre-qualified in minutes—often over the phone, online, or in person with your lender.
Getting Pre-Approved
Pre-approval takes things a step further and requires more time, as it involves a detailed review of your finances. You’ll need to gather and submit documents to your lender, who will verify everything to give you a firm approval. For pre-approval, be ready with:
- W-2s from the past two years
- Tax returns from the past two years
- 30 days of recent pay stubs
- Two months of bank statements
- Two months of retirement account statements
- Identification
- Your credit score
- Statements for any debts, loans, or credit cards
Remember, pre-approval letters usually expire in 60-90 days, so it’s best to get pre-approved when you’re serious about house hunting.
Give me a call today—I’d be happy to help you get started on your journey to homeownership!
Wendy Anderson
I’ve always believed real estate should feel personal. Whether you’re buying your first home, relocating to Ashland, or selling the house you’ve loved for decades, this isn’t just a transactio....
Latest Blog Posts
Spotlight Business #25: Schaad's Luxury CleanseWhat’s your least favorite part of home maintenance?If cleaning windows is somewhere near the top of that list, this local business spotlight is
Have you ever walked into a home and known within a few seconds that you loved it?You haven’t seen the basement. You don’t know how old the furnace is. You haven’t opened
Spotlight Business #24If you're the kind of person who says, “I'm just going to look,” and then somehow walks out carrying something you didn't know you needed, I have a new place for.
© MLS Now, INC - Northern Ohio Regional Multiple Listing Service All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective
Information should be deemed reliable but not guaranteed, all representations are approximate, and individual verification is recommended. Copyright ©2017 All rights reserved.
Ashland Board Of Realtors® (AOBOR)
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
