What is the difference between pre-qualification and pre-approval?

What is the difference between pre-qualification and pre-approval?

Pre-qualification is a lender’s judgment of your ability to make payments on your mortgage, based on your verbal statement of income, assets, and employment history. Pre-approval is the underwriting decision that you are conditionally qualified for a specific loan amount, and are subject to the lender’s review of your completed application, verification of your income, assets, employment history, credit check, the home appraisal, and other determining factors.

2018-02-12T07:11:46+00:00