This term is used when you are first inquiring about obtaining a home loan. Being pre-qualified does not approve you for a home loan. Lenders will take a basic and quick look at your financial situations and decide if your are eligible to actually be approved for an official home loan. This process is fairly quick and can often be done online. Being pre-qualified does not approve you for a home loan. Once you feel comfortable with loan prequalification you can then ask a licensed loan officer to review your legal documents and personal information to move to the pre-approval process.
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