What’s the difference between pre-qualified and pre-approved?
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A pre-qualification is typically a quick estimate based on information you provide. A pre-approval is much more detailed. Your income, assets, credit, and documentation are reviewed to determine what you can realistically qualify for. In today’s market, a strong pre-approval carries much more weight with sellers because it shows you’ve already completed much of the financing process. If you’re serious about buying, I almost always recommend getting pre-approved before starting your home search.