Pre-qualification relies on self-reported information, while pre-approval requires documentation and a more thorough review.
Pre-qualification alone may not be sufficient for sellers or agents, and a pre-approval letter is often required.
The timeline for pre-qualification and pre-approval varies, with pre-qualification being quicker and pre-approval taking a few business days.
Pre-qualification is suitable for those who need a quick estimate or are unsure about their affordability.
While pre-approval provides a clearer understanding of loan options based on specific financial situations.