When it comes to buying a home, your first step is likely to gain pre-qualification. This step is important, mainly for your benefit. Once you talk to a mortgage specialist, he or she will gather information from you, such as income, expenses, and credit information. The goal is to find out how much of a loan you can obtain as well as what you are likely to pay monthly for that loan. Pre-qualification is just the start, though. Before you start shopping for a home, or during the process, you'll need to go one step further to pre-approved.

What Does Pre-Approved Mean Really?

A home buyer that is pre-approved is one that has the financial information provided by them verified. For example, instead of just asking for your income information, the…

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