Santa Cruz County dog-friendly hiking adventures1. Wilder Ranch State ParkNestled along the coastline of Santa Cruz, Wilder Ranch State Park is a dog-friendly paradise. With over 34 miles of trails,
PREQUALIFIED & PREAPPROVED: WHATS THE DIFFERENCE?
Dated: May 30 2023
Prequalified and preapproved are two terms commonly used in the context of mortgage loans or credit applications. Here's the difference between the two:
Prequalification is an initial assessment done by a lender based on information provided by the borrower. It is a preliminary step to determine if the borrower meets the basic criteria for obtaining a loan or credit. The process typically involves the borrower providing information about their income, debts, and assets. The lender then evaluates this information and provides an estimate of the loan amount the borrower may be eligible for. Prequalification does not involve a thorough analysis of the borrower's credit history or verification of the information provided. It is generally a quick and informal process.
In summary, prequalification is a preliminary assessment based on self-reported information, providing an estimate of the loan amount, while preapproval involves a thorough evaluation and verification of the borrower's financial details, providing a stronger indication of loan eligibility. Preapproval holds more weight and is often seen as a more reliable indication of a borrower's ability to obtain credit.
Hi there! We're Haley & Michael we first dipped our toes in real estate in 2018. We quickly came to realize that we had a passion for helping people find their dream homes. In 2020 in the middle o....