Pre-Qualified VS Pre-Approved

There is no set definition about what is considered pre-qualified and what is considered pre-approved. I have my own definition:

Pre-Qualified – application completed and credit checked

Pre-Approved – application completed, credit checked, and income/asset documents reviewed

Lenders use these terms interchangeably so whatever your lender calls it make sure they have reviewed your documentation before you start shopping for a home.

michael@petrovichteamhomeloan.com
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