If you are trying to buy a home, prequalification or
preapproval is a helpful step. This is because prequalification or preapproval
helps you learn how much money lenders will lend you to buy this house. They
both do the same thing, the lender checks your credit, income, assets, and
debts to help figure out this magic number. The difference is that with
preapproval, the lender checks the information you give him, and it is binding.
The reason that prequalification is not binding is because the lender is relying
on your word, instead of proof. Here at
Consumer Mortgage we can help you with both prequalification and preapproval,
so give us a call at 757-552-7000 or 800-882-0066. We will use are 30 years in
the business to get you the mortgage to purchase your next home
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