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With a mortgage pre-qualification, a lender give you an informal evaluation of whether you meet minimum requirements for a loan and how big that loan may be. To get prequalified, you provide us some basic information about your credit, debt, income and assets. In return, you’re told how much you may be able to borrow.
Keep in mind that the evaluation is informal and non-binding because the lender doesn’t verify the information you provided or look at your credit report.
Unlike pre-qualification, pre-approval requires proof of your debt, income, assets, credit score and history. To get pre-approved, you’ll need to provide documentation such as pay stubs, tax records and proof of assets. This documentation needs to be verified before any pre-approval can be issued.
Remember that pre-qualification doesn’t guarantee pre-approval. You can still be turned down if your financial documents don’t support the numbers you reported.