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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Confused about pre-approved vs. pre-qualified? Learn the key differences between these terms and how they can affect your credit decisions
Pre-qualified and pre-approved can have different meanings depending on the type of loan. Learn more.
We break down what pre-approved for a credit card means, including the difference between prequalified vs. pre-approved credit cards and more.
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...
Pre-qualification and preapproval offers don't necessarily mean you'll get the credit card, but these soft pulls to your credit will give you a higher chance of approval when you apply.
Read on to learn the difference between getting pre-approved and pre-qualified and how they affect your chances of purchasing a home.