David Hall, President and CEO of Hall Financial and a leading mortgage expert, sat with Roop Raj from Fox 2 to answer questions about the current mortgage market.
The Federal Reserve Bank met on March 16, 2022, and Hall offered his expertise on what this may mean for the market and consumers. In this clip, Hall and Raj tackle the question: What is the difference between getting pre-qualified and pre-approved?
As Hall explains, a pre-qualification uses self-reported information such as income, debt, and assets to determine the home mortgage loan amount. By contrast, when receiving a pre-approval, mortgage lenders verify the buyer’s financial information and offer a more detailed loan estimate by providing the loan type, term, and amount. A pre-approval is more solid than a pre-qualification due to the financial verification.
Looking for a pre-approval that is good as gold? Call Hall First and get started with your Hall Financial 5-STAR Certified Pre-Approval TODAY!