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Prequalification vs. Pre-approval
Comparison
Prequalification
You can start house hunting knowing how much you may be able to borrow.
Once basic information is provided, to start the process with a lender and quickly get a prequalification amount.Documents are required to answer questions for this process and a credit review to get your prequal letter.
You'll be ready to write up an offer with confidence and gain a competitive advantage. After submitting basic documentation to a lender, you should receive a decision within 10 business days. Provide more documentation, to support your financial details, plus a credit check, to forward the process.
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