difference between prequalification and preapproval

A pre-qual and a pre-approval are 2 completely different things. The pre-qual is someone just asking some questions over the phone to understand your situation. The pre-qual will not work for an approval. An approval is where you actually submit all your documents to qualify for any loan amount. The approval process will grant you that wish to buy. Do not go into battle without being Pre-approved! Plus you can get the Seller to pay for some of your closing cost up to 3%! Let me show you how this works. I lend in all States. Hope this helps. RC

A prequal is justtaking a mini app to do a prequal. After which time you provide the documents and details needed to receive a preapproval after the items have been verified you then pre-approved.I can be reached at 302-378-7749 to discuss further tommorow