Energy Engineer I. Expertise in energy use analysis and energy auditing; 2 years related experience in consulting engineering, energy services, and/or utility energy efficiency... 10 days ago-save job-email-more...
What is a pre-qualification? A pre-qualification is an estimate of how much you can afford in a mortgage payment. It is based upon the information you provide, and is subject to the approval process, including further details such as a credit report, appraisal, and income verification.
Pre-approval does not mean the bank guarantees you the loan. It just means that you're approved to get loan -- unless something goes wrong.Commitment to the loan generally comes after the bank has had the house in question appraised to make sure the price you're paying isn't higher than the home's market value.oan shopping is as intricate a process as house shopping, and the terminology is often confusing. The terms pre-qualification and pre-approval sound like the same thing, but they're not. And in fact, neither pre-qualification nor pre-approval means a bank actually has to give you the loan.