Did You Know | Prequalification Is Not The Same As Having Financing  (October 1, 2020)

Pre-qualification for a mortgage means that a mortgage lender has checked your credit, employment, and income and you qualify for a loan up to a certain amount. The lender at this point has enough information about the borrower to determine whether they meet their loan guidelines or not.  I have had a deal fall apart the day of closing, my client changed jobs during the process of purchasing a house.  Be very careful when you are in the process of buying a home, you typically do not want to make any changes that affect your credit, income, etc....