A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your.
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Taking the first step toward buying your dream home? Learn what it means to get pre-approved vs. getting pre-qualified for a mortgage so you can determine the option that works best for you.
Just bear in mind that this loan prequalification calculator is in no way a guarantee. It is, however, a good starting point in figuring out if you can get pre-approval for a home loan.
Pre-qualified vs. pre-approved? They might sound the same, but they mean very different things for homebuyers. Understand the difference before you set out to buy a home.
Getting preapproved for a $300,000 loan means you should look for a home that’s less than that. If you plan on making a 20 percent down payment, then you can look at houses in the $360,000 and.
Cooperation with your lender and honesty are essential to a solid loan preapproval. A preapproval isnt a commitment to lend and it’s subject to subsequent verifications and documentation, such as a home appraisal. Should the home or any aspects of your finances fall short of the lender’s requirements, you may no longer qualify for a loan.
Use NerdWallet’s free mortgage prequalification calculator to see whether you qualify for a home loan, and if so, what amount you can get prequalified for.