One of the best ways to simplify your mortgage shopping experience is to obtain a prequalification using a mortgage broker. A prequalification is one of the first steps in the mortgage approval process, and it usually involves answering some basic questions about your ability to repay any financing.
Prequalification vs. Preapproval
However, getting prequalified for a mortgage and receiving a preapproval from a lender are two different steps in the process. A prequalification involves you and your mortgage broker engaging multiple banks and lenders to get a feel for how much they are willing to lend and at what interest rates. A prequalification from a lender or multiple lenders doesn’t guarantee you will receive financing. The amount the lenders
Prequalification vs. Preapproval
However, getting prequalified for a mortgage and receiving a preapproval from a lender are two different steps in the process. A prequalification involves you and your mortgage broker engaging multiple banks and lenders to get a feel for how much they are willing to lend and at what interest rates. A prequalification from a lender or multiple lenders doesn’t guarantee you will receive financing. The amount the lenders