Pre approval vs pre qualification

Cvs roche brothers way

Some lenders allow borrowers to will take a closer look at a borrower's financial situation and history to determine how.

bmo wausau

Pre-Approval vs Pre-Qualified: what's the difference?
A prequalification estimates how much you can afford, while a preapproval gives a better estimate and verifies your financial info for a. 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. A mortgage prequalification is when you submit basic information to obtain a rate quote. The process is usually quick and informal. But it does.