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What is the difference between being pre-qualified and preapproved?

April 26, 2017pre-qualified Preapproved

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What is the difference between being pre-qualified and preapproved?

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The basics of a pre-qualification Getting pre-qualified means you receive an estimate from a lender that details how much you can likely borrow, based on information about your income, liabilities and debt. Keep in mind that a pre-qualification is just an estimate, and carries no commitment from the lender.