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Pre-qualification is an initial evaluation based on information you provide to a lender. It's a quick, informal process to give you an estimate of how much you might be able to borrow. Pre-approval, on the other hand, is a more in-depth process. The lender will verify your financial information and credit, and you’ll get a conditional commitment for a loan amount. Pre-approval strengthens your offer when buying a home, as it shows sellers that you are a serious buyer.

There are several mortgage programs available, and the best one for you depends on your financial situation:

Conventional Loans: Typically for buyers with strong credit and larger down payments.

FHA Loans: Backed by the Federal Housing Administration, these are great for first-time buyers or those with lower credit scores.

VA Loans: Available to veterans and active military, these loans often come with no down payment.

USDA Loans: For buyers in rural areas, offering low or no down payment.

Discuss your situation with your lender to determine which program suits you best.

The down payment required depends on the type of loan you are pursuing. Conventional loans typically require at least 3% to 20% of the home's price. FHA loans require as little as 3.5%, while VA and USDA loans can offer options with 0% down. However, putting down more may help you secure better terms and lower your monthly payments.

The mortgage process typically takes about 20 to 30 days from the time you apply to closing. However, this timeline can vary depending on several factors such as how quickly you provide necessary documentation, the type of loan, and the current market conditions. Working closely with your lender and being proactive in submitting documents can help expedite the process.