Can I get pre-approved or prequalified? What’s the difference?

Pre-qualification provides a general sense of your potential borrowing power based on self-reported information. With pre-qualification, you will have a good idea of your potential budget for buying a home, and the options that come with that understanding. Pre-approval is a stronger commitment. With pre-approval, lenders verify your financial details and may extend a conditional offer. Pre-approval can be a strong advantage when making an offer on a home, as home sellers will prioritize buyers that already have financial approval.