If you want to achieve success in the future, you must prepare for it because without proper preparation, you will be ill-equipped to handle the challenges of the future. While that analogy may not work for home buying, you will find that most homebuyers end up not preparing. The common misconception is that if a homebuyer has been pre-qualified for a mortgage, they assume they have been pre-approved for the home loan. However, there is a massive difference between the two terms, as they mean completely different things. It is important that you understand the difference between them, so that you don’t end up making the same mistake. So, let’s check out the difference between pre-approved and pre-qualified, because making a mistake can be disastrous for homebuyers. What does pre-qualified mean? If you have pre-qualified for a mortgage, it just means that you have cleared the first stage. Once you […]Read More
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