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Pre-approvals versus pre-qualification for mortgage
Pre-qualification is nothing but a letter that the mortgage loan applicant is pre-qualified. Most home sellers and sellers realtors normally will not honor pre-qualification letters from a mortgage lender. A pre-approval is when a mortgage loan applicant applied for a mortgage loan application, the mortgage lender ran credit and verified the borrower's income, asset, and liability and also ran the borrowers mortgage application and credit reports through either Fannie Mae's and/or Freddie Mac's Automated Underwriting System and got either a DU FINDINGS and/or LP FINDINGS automated approval. Here is an article I wrote and published on my blog about pre-approval versus pre-qualification:



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