A pre-qualification is a preliminary estimate of how much you can borrow, based on a lender’s review of your financial information. A pre-approval is a more formal commitment from a lender, and it typically requires a more thorough review of your financial history.
How long does it take to get pre-approved for a mortgage?
The time it takes to get pre-approved for a mortgage can vary depending on the lender and the complexity of your financial situation. However, most lenders can provide you with a pre-approval letter within a few days.
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