What Is A Pre-Qual?

There’s a massive distinction between pre-qual and pre approval. A pre-approval means the lenders has verified your income and assets, pulled credit and run you through automated underwriting. Realtors and Builders want to see pre approval letters and not prequel letters.

However, there’s still a need for mortgage pros to understand mortgage prequels and how to walk borrower through them before they convert it to pre-approval. Make sure you know it, your realtor knows it, and your homebuyers know the difference.