Planning for your first home is exciting and you’ve started in the right direction by solidifying your budget. The next step is usually to get pre-qualified or pre-approved for a mortgage. You may have heard these terms before, but understanding the difference between the two can be confusing. Check out our infographic below to help you make the distinction between being pre-qualified for a mortgage and being pre-approved for a home loan; then you’ll have a better idea of which is best for you at this point in your homebuying process.
About the Author: Katie Miller
Katie Miller is Senior Vice President of Savings Products at Navy Federal Credit Union. She oversees all functions related to deposit products and services, including program and product strategy, as well as all operational management in support of certificates, IRAs, trusts, savings, checking and related services including direct deposit, eDeposit, and overdraft protection. During her 15 years with Navy Federal, Katie also managed membership, mortgage lending, the credit card portfolio, product development, in addition to analytics and operational risk and training for collections, consumer and credit card lending. She is a National Association of Federal Credit Unions Certified Compliance Officer and has a BA in Math from Dartmouth College.