Pre Qualified vs Pre Approved For A Mortgage

A Pre-Qualification involves supplying a lender with your overall financial picture, including your debt, income, and assets. The lender will review this info and give you an estimate of how much you can expect to borrow.

A Pre-Approval builds on the Pre-Qualification in that the lender will examine specific documentation surrounding your financial picture and credit history.  From there the lender can pre-approve you for a mortgage up to a certain amount and at a certain interest rate.