Getting Pre-Qualified begins with an informal discussion between you, the borrower, and the lender. As a result, the lender estimates the amount that you can borrow based solely on what you tell them about your income and assets. The lender does no verification and is not bound to make the loan when you're ready to buy. You can request a pre-qualification letter which indicates the amount the lender feels you can borrow based on the unverified information the borrower has provided.
To get prequalified,click here.
Getting Pre-Approved means that the lender verifies your financial information. Therefore you, the borrower, will obtain a written commitment of the ability to borrow a specified amount based on that verified information. This gives you significant buying power with a seller who recognizes you will be approved for a loan. To a seller, a lender's pre-approval letter is considerably stronger than a pre-qualification letter. If a seller knows your financing is secure, your offer is stronger. Pre-approval also gives you peace of mind as you shop for a home, knowing that you will qualify for the proper mortgage amount.
To get preapproved,click here.
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