Pre-qualification is a simple process. The buyer is asked specific questions about their income, assets and liabilities. Based on this information, they are provided with an amount for which they may qualify. This process can be done strictly on a verbal level or electronically over the Internet.On the other hand, a pre-approved buyer is one who is actually approved for a loan of a certain amount. The pre-approval process is much more involved. The borrower will provide proof of income, the lender will verify assets and liabilities and this information. Because of this verification, pre-approved buyers are much more attractive to sellers than pre-qualified buyers.David HoodKeller Williams Realty Chino Hills Ca Real EstateOffice Phone: (877) 380-7992 Cell Phone: (909) 972-5569 Visit ...
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