Pre-Approval vs. Prequalification | Santander Bank - Santander
Pre-Approval vs. Prequalification
As you’re starting in the mortgage application process, you’ll hear references to pre-approved and prequalified mortgages. While they sound similar, they are not the same thing, and it’s important to understand the difference and how they may affect your ability to buy a home.
So what do they have in common? Both start with giving your lender or Mortgage Specialist information about your current finances to help them determine what kind of mortgage you could be eligible for. What kind of information you provide, and the level of commitment from your lender, are where the real differences come in.