What is the difference between being "Pre-Qualified", "Pre-Approved" or "Approved" for a loan?

Pre-qualified" generally means a borrower had a conversation with a mortgage company, and told a loan officer what their debts and income are. "Pre-Approved" generally means the borrower made a complete application with a mortgage company, and has provided paycheck stubs, bank statements, W-2s, and when applicable, tax returns. Technically, the term "Approved" means the loan has gone through underwriting, which can only be done after the property is identified and appraised and all conditions are met.

The problem is that various mortgage companies may use these terms loosely, and what is Pre-Approved to one company means Pre-qualified to another. The important thing is what the letter from the mortgage company says. The mortgage company's letter should state that the borrower has completed and signed a loan application, has provided documentation showing income and assets, and that the mortgage company has evaluated the borrower's credit, and based on these items, the loan should ... more.

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