Pre-Qualification vs Pre-Approval

What is the difference between Pre-Qualification and Pre-Approval when you’re purchasing a home?

The biggest difference is that the pre qualification process is based on estimates, nothing is 100%verified until the approval process.

Employment
- Pre Qualification: Verification not required
- Pre Approval: Verification required

Income:
-Pre Qualification: Estimate
-Pre Approval: Verified via paystubs, tax returns

Liabilities:
- Pre Qualification: Estimate
- Pre Approval: Pulled from credit report

Credit Score:
- Pre Qualification: Verbal estimate
- Pre Approval: Pulling credit report

Assets:
- Pre Qualification: Verbal estimate
- Pre Approval: Confirmed via bank statements and other documents

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