your creditworthiness as a borrower. One is the better way to go. The other is potentially a waste of your time and money and may even be grossly misleading.
We start by critiquing the second-rate method. Loan prequalification is nothing more than a casual conversation with a loan officer. After quickly quizzing you about obvious financial matters, such as your present income, expenses, and cash savings for a down payment, the loan officer renders a down-and-dirty guesstimate of approximately how much money he might lend you at current mortgage interest rates assuming that everything you’ve said is accurate. Most lenders graciously provide a prequalification letter suitable for framing or swatting mosquitoes.
Prequalification is fast and cheap. It rarely takes more than 15 minutes unless you’re the type who has trouble parallel parking.
After you read this section, you’ll understand why formally evaluating your creditworthiness is such a protracted process. Loan preapproval is significantly more involved than mere loan prequalification.
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