what does getting prequalified for a mortgage mean

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After you find the right home, getting the right mortgage is the next important decision you’ll make in the homebuying process. Being prequalified by a mortgage lender lets you know how much you can borrow. To be sure you’re getting the best deal, talk with multiple lenders and compare their mortgage interest rates and loan options.

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It’s likely that your lender will approve you for more money than you want to spend. But keep this in mind: Just because you qualify for a big loan doesn’t mean you can afford it! If you are you ready to get prequalified for a mortgage loan, I recommend talking with Churchill Mortgage. "Just because you qualify for a big loan doesn’t mean you can afford it!"

When you’re starting the process to buy a home, you’ll likely hear the terms "preapproval" and "prequalified."These terms have two different meanings, and one will get you closer to obtaining a mortgage than the other. Here’s a breakdown of getting preapproved versus prequalified as a potential homebuyer.

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In lending, pre-approval has two meanings: . The first is that a lender, via public or proprietary information, feels that a potential borrower is completely credit worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.

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What does it mean to get pre-approved vs. get pre-qualified for a mortgage, and what's the difference between the two? Let's take a look.

When is the best time to get a mortgage prequalification? First, decide if. By now, you've probably noticed these terms don't mean the same thing. But before .

This means the new mortgage rules might require you to rethink your strategy and get pre-approved again with the stress test factor included (unless you are getting final approval on your mortgage in.

Here’s an overview of the steps to getting your mortgage: 1. Get prequalified. Your very first step – even before you start looking for a house – should be to get prequalified for a loan.A.

What Does it Mean to be Pre-Approved. Being pre-approved for a mortgage means that a mortgage lender has checked your credit, employment, and income .

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