The Difference Between Pre-Approved and Pre-Qualified
This is the difference between being pre-approved and pre-qualified.
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This is the difference between being pre-approved and pre-qualified.
What’s the difference between being pre-qualified and pre-approved? When you’re pre-qualified, the lender is going off the information you’ve told them: your name, social security number, income, bank account resources, credit score, etc. and they pull your credit score. Being pre-approved means the lender has verified all your information and looked at your documents such as tax returns, bank statements, and W2s. What you truly want is a pre-approval because it proves you’re legitimately qualified for a loan. Being pre-approved also looks better to a seller than just being pre-qualified.
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