Pre-Qualification vs. Pre-Approval

What's the difference? Getting Pre-Qualified just means that you have told a lender your income level and your debt and credit information, and the lender has estimated loan amount and monthly payments you can afford.

Pre-Approval, however, puts you much closer to the actual loan and means that the lender has done the leg work of pulling your credit report, checking your debt-to-income ratio, and has done a more in-depth analysis of your situation.

In most cases, you're much better off getting Pre-Approved so you don't have any surprises when a lender checks your credit report -- particularly if you haven't checked the report yourself first.

For an interest rate quote and specific program parameters, call 1-866-787-0300 or complete our Apply Online loan application.