You may have the two confused.
Pre-qualification occurs when the lender receives your basic information (debt, income) and usually does not include an actual review of your credit history. The lender will provide you with an amount that you would qualify for using the basic information you provide and without influence from your credit.
Pre-approval occurs when you submit the actual mortgage application, the lender pulls your credit to evaluate your financial risk and determines the actual approval amount based on your complete picture.
Hopefully this helps.
Starting Score: 627 EQ, 621 TU - 11/15/08
cdtotten wrote:You may have the two confused.
Pre-qualification occurs when the lender receives your basic information (debt, income) and usually does not include an actual review of your credit history. The lender will provide you with an amount that you would qualify for using the basic information you provide and without influence from your credit.
Pre-approval occurs when you submit the actual mortgage application, the lender pulls your credit to evaluate your financial risk and determines the actual approval amount based on your complete picture.
Hopefully this helps.
+1
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