Preapproval vs. Prequalification

2022-05-23T18:43:08-04:00May 5th, 2019|Categories: Mortgages|Tags: , , , , |

When you're buying a home for sale in Ellicott City or one of the nearby cities, your real estate agent will likely tell you that you need preapproval from a lender. But how is preapproval different from prequalification, and why do you need it? Preapproval vs. Prequalification Preapproval is a process you have to go through with a lender. It requires you to submit documents