FAQ
Q: What is the difference between pre–approval and pre–qualification?
A: Pre–qualification is a less formal process than pre–approval. When you get pre–qualified, the lender will give you an estimate of how much you can borrow based on your self–reported financial information. Pre–approval, on the other hand, is a more formal process that requires you to submit documentation to the lender. Once you have been pre–approved, the lender will issue you a pre–approval letter that states how much you have been approved for and the terms of your loan.
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