Finance

Pre-qualification serves as a practice round for the loan application procedure. During this stage, the mortgage lender assesses information such as your credit, income, assets, and debts to approximate the mortgage amount you can comfortably afford. This process typically takes only a few hours, and there is no cost involved.

Although a "pre-qual" is not legally binding for the lender, as the provided information has not been verified, it does offer a valuable signal to potential sellers regarding your overall creditworthiness

In the current market, the majority of sellers typically require a pre-approval letter before considering an offer. Therefore, if you are genuinely committed to the purchase, obtaining a pre-approval is the initial and crucial step toward securing your new home.