Pre-approval vs pre-qualification

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Answer a few questions to or refinance.

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Pre-Approval vs Pre-Qualified: what's the difference?
Prequalification and preapproval letters both specify how much the lender is willing to lend to you, but are not guaranteed loan offers. Pre-qualification provides a rough idea of how much mortgage you may be eligible for, while pre-approval gives you the confidence to engage sellers. Unlike prequalification, preapproval is a more specific estimate of what you could borrow from your lender and requires documents such as your W2, recent pay.

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ET Schedule an appointment. Skip to main content warning-icon. How can I figure out if I can afford to buy a home and take out a mortgage? Key takeaways Prequalification is a simple, quick process that provides a general indication whether you would qualify for a mortgage.