Is there a difference between pre-qualifying and pre-approval?

Pre-qualification means that you have met with a mortgage broker (or lender) and provided information regarding credit, income, expenses, assets and liabilities. The broker (or lender) will be able to provide a letter stating an opinion of what you can afford.

Pre-approval means that you have provided written evidence of income, expenses, assets, liabilities and credit. All of your information has been verified by a lender, and most of the necessary paperwork has been completed. Your broker (or lender) will be able to provide a Pre-Approval letter to verify that you are pre-qualified.

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