Prequalification vs Preapproval Mortgage: What’s the difference?

What Exactly is Mortgage Prequalification?

Prequalification is the first step in the home-buying process. When you prequalify for a home loan, you’re getting an estimate of how much you might be able to borrow based on the financial information you provide and a credit check.

Prequalification also provides an opportunity to learn about various mortgage options and collaborate with your lender to find the best fit for your needs and goals.

What Exactly is Mortgage Preapproval?

Preapproval is as close to confirming your creditworthiness as you can get without a purchase contract. You will fill out a mortgage application, which the lender will verify. They will also run a credit check. If you are pre-approved, you will be given a preapproval letter.

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