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The difference between the terms “pre-qualified” and “pre-approved”?

April 26, 2017difference pre-approved pre-qualified terms

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The difference between the terms “pre-qualified” and “pre-approved”?

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If you are “pre-qualified” you have determined, with a loan officer, what price you can afford based on the down payment you have to offer, your debts and the amount the mortgage company will approve for your mortgage. Being “pre-qualified” is only a determination of your probable credit. If you are “pre-approved”, your credit, employment and funds have already been approved by the lender.