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What is the difference between pre-qualified and pre-approved?
Short answer
Pre-qualification is a quick estimate based on what you tell a lender. Pre-approval means the lender checked your credit and documents.
See every step in 1 minuteGetting pre-approved for a mortgage
People also ask
Does pre-approval hurt my credit?›Does pre-approval guarantee a loan?›What documents do I need for mortgage pre-approval?›How much down payment do I need to buy a house?›How long is a mortgage pre-approval good for?›Will shopping for a mortgage hurt my credit?›What should I avoid after getting pre-approved?›
Official sources
- CFPB: buying a houseconsumerfinance.gov
- HUD: find a housing counselorhud.gov
- VA: home loansva.gov