Financing Explained

Pre-qualification and Pre-approval on a Mortgage

Pre-qualification includes analyzing your income, assets and present debt to estimate what you may be able to afford on a house purchase. Mortgage brokers or a lender's own mortgage counselors can also calculate the same sort of informal estimate for you. Pre-approval means that you have in hand a lender's written commitment to put together a loan for you (subject only to the particular house you want to buy passing the lender's appraisal).

Additional Information

• Pre-qualification and Pre-approval on a Mortgage
• What factors need consideration when applying for a loan?
• What are the basic components of a mortgage loan?
• Types of loans?

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