Preapproval vs prequalification?
jenswrens
14 years ago
Trying to really figure out what price range I can afford (I have a general idea, but want to make sure I can actually get a loan before I start seriously looking). Some places offer "preapproval" and others offer "prequalification." Some offer both. So, what's the difference? Is it that preapproval gets you a letter, prequal just gives you an idea of what you can afford? Which do I want? Do both involve a hit to my credit (via a credit check)?
And if I call more than one place, say Wells Fargo and coldwell banker mortgage co, does that give me 2 separate hits to my credit? Or just one?
Suggestions, please, before I make the phone call. TIA.
fruitgirl
Billl
Related Professionals
Clive Architects & Building Designers · Morganton Architects & Building Designers · Riverside Architects & Building Designers · Albany General Contractors · Bon Air General Contractors · Clarksville General Contractors · Hammond General Contractors · Owosso General Contractors · Port Huron General Contractors · Rancho Santa Margarita General Contractors · San Elizario General Contractors · Waimalu General Contractors · Centerville Interior Designers & Decorators · Charleston Interior Designers & Decorators · Mount Sinai Interior Designers & Decoratorsdave_donhoff