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What is the difference between being pre-qualified for a loan and being pre-approved for a loan?

April 26, 2017loan pre-approved pre-qualified

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What is the difference between being pre-qualified for a loan and being pre-approved for a loan?

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Being pre-qualified for a home loan is a quick way to determine how much home you can afford based on income, debt and credit figures that you provide the home lender. The lender does not verify this information. Being pre-approved for a home loan generally means that the lender has verified your credit scores but not your income or debt. We suggests that all buyers talk to a lender before starting their home search and have their credit, income and debt verified before they start an offer on a home.