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Pre-Approved vs Pre-Qualified

PRE-QUALIFIED vs PRE-APPROVED

Pre-Qualification assesses whether your debt-to-income ratio fits mortgage industry guidelines for home loans. It also provides an estimate of how much you may be able to borrow. It is a good first step in your house-hunting journey. You will not be required to provide your social Security number. We solely qualify you based on the information you provide us.

Pre-Approval will require that you’ll be providing detailed information about your income and assets that will be reviewed by underwriters. If pre-approved, you’ll get a conditional commitment for a specific loan amount. You will be required to authorize Mount Diablo Lending to obtain a consumer credit report on your behalf. To get Pre-Approved, you will be leaving royanasr.com website to an outside website that is not operated by royanasr.com.

 

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