Must I Get preapproved or prequalified for a home loan? Despite sounding identical, a prequalified home loan isn’t the just like a mortgage that is preapproved. Prequalification is typically a fast, free procedure where a bank takes your monetary information and shows you generally speaking exactly what your loan will appear like. Preapproval is really a followup process that is way more involved and sometimes costs cash. Preapproval requires a credit check, home financing application plus an estimate of your

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