We are starting to look around at houses and I am really so lost as to what to do. Should we prequalify instead of getting preapproved so that we know what we can afford? Does it effect your credit score?
im not sure what the difference is - i know that my FH got pre-approved up to a certain amount and we used that when we put an offer on the house....so i think its pre approval you need?
Yeah i think pre approval is that final step or when you find something that you know you already want you have your pre approval I think the prequalification gives you an idea of what you are working with without the final added step. Not too sure and not too sure what we should do!
I do this for a living. Heres the difference - a prequalification means that the credit was run and you spoke verbally regarding income and assets. A pre approval means you submitted w-2s and paystubs as well as bank statements to back up your income and assets. No big difference - just a preapproval holds more weight.
Posted by CD516
I do this for a living. Heres the difference - a prequalification means that the credit was run and you spoke verbally regarding income and assets. A pre approval means you submitted w-2s and paystubs as well as bank statements to back up your income and assets. No big difference - just a preapproval holds more weight.
