Step 4: Eligibility Check
March 26, 2019

You've set your budget, written your wish list and signed up for homebuyer education. Now is a good time to start exploring lenders and mortgage options. For more information about a MassHousing loan

Pre-Qualified vs. Pre-Approval

During your search for a home, you will undoubtedly hear the terms pre-qualified and pre-approved. Pre-qualified means that based on the information you have provided, you would be eligible for a mortgage loan.

Pre-qualified does not guarantee you a mortgage, nor does it guarantee the rate at which the lender will loan you the money. Pre-approved, on the other hand, guarantees (typically for a period of 30 to 60 days) a mortgage loan at a specified rate. Pre-approval gives the seller confidence that the buyer will be able to obtain a mortgage, which can greatly affect the seller's accepting an offer.

It's important to note that obtaining a pre-qualification or pre-approval from a lender does not obligate you to get a loan from that lender.