What is the difference between being "pre-qualified" and "pre-approved" for a loan?

Pre-qualification is a process normally conducted by your REALTOR®. It involves some "number-crunching" based on information you provide to determine how large a loan you will qualify to receive from a lender. It should be considered a rough guide and should be known before you shop for a home.

Pre-approval is a process normally conducted by a lending institution. It involves the "number-crunching" mentioned above and is followed by verification of information from credit bureaus, employers and references, etc. It is a good idea to get pre-approved before you shop for a home. The lender will give you a pre-approval letter that can accompany your offer to buy.

This will strengthen your position in the eyes of a seller and reduce the time necessary to obtain final loan approval. More.

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