Pre-qualified and pre-approved sound the same, but mean very different things for homebuyers—and carry very different weights with home sellers.
Mortgage pre-qualification and pre-approval are optional first steps to acquire financing for a home but neither guarantees a loan approval.
QuickTakes: ; What's the difference between pre-qualified and pre-approved? ; Do pre-qualification and pre-approval mean I'm approved for auto financing? ; Do pre-qualifcation or pre-approval affect credit scores?
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Pre-qualified and pre-approved can have different meanings depending on the type of loan. Learn more.
Confused about pre-approved vs. pre-qualified? Learn the key differences between these terms and how they can affect your credit decisions
Pre-approval credit cards help you identify which products you can get before pulling your credit. Here's how the pre-approval process works.
Pre-qualification evaluates the creditworthiness of a potential borrower by a creditor to provide a pre-approval, typically for credit cards or mortgages.
Pre-Qualified Vs. Pre-Approved - What's The Difference? Without good preparation, many buyers... With pre-approval, you will receive a conditional commitment in writing for an exact loan...
Taking the first step toward buying your dream home? Learn what it means to get pre-approved vs. getting pre-qualified for a mortgage so you can determine the option that works best for you.