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Updated by Inlanta Mortgage - Madison on Aug 13, 2017
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Everything You Need to Know About Mortgage Pre-Approvals

In this edition of helpful real estate and mortgage resources we are focusing on the differences between a mortgage pre-approval vs pre-qualification. It is important to know what these terms mean and how they impact your search for a home. We explain why you need to get a pre-approval and also the reasoning behind a real estate agent’s request for the pre-approval.

Contrary to popular belief, looking for a house is not the first step you should take when it is time to buy your next home. Getting the steps in the right order will make the home buying process easier.
We also have some important insight on what happens AFTER you get a pre-approval. Most mortgage lenders can tell you at least one story about how a loan was turned down after the pre-approval due to problems that were out of the hands of the buyer. This is not meant as a scare tactic, but mainly as a way to keep you informed of all the possibilities that can occur during the mortgage process.

Lastly, we go over some common mistakes made by people buying their first home and how you can avoid these problem areas.

Source: https://www.madisonmortgageguys.com/pre-approval-vs-pre-qualification/

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Why Smart Buyers Make Pre-Approval Their First Step

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