Whats the difference between pre-qualification and pre-approval?
Getting pre-qualified just means that you have told a lender your income level and your debt and credit information, and the lender has estimated what you can afford. Pre-approval puts you much closer to the actual loan and means that the lender has done the leg work of pulling your credit report, checking your debt-to-income ratio, and has done a more in-depth analysis of your situation. In most cases, you’re much better off getting pre-approved so you don’t have any surprises when a lender checks your credit report — particularly if you haven’t checked the report yourself first.
