So, you're ready to go house hunting?
OK. But, Do you know how much home you can afford?
If not, here are two ways a lender can help you figure it out.
1. Pre-Qualification is based on the information you provide and can be done over the phone. This information is not checked out in depth and is therefore not always reliable.
2. Pre-Approval on the other hand, is obtained by giving the lender all the information needed pertaining to your finances. They will then perform an extensive financial probe and verify the information you gave them.
Once this process is complete, you can look forward to a productive home search!