HUD Articles
The difference between Pre qualified and Pre approved
July 08, 2021
Pre Qualified vs Preapproved
Pre qualified Pre approved
Do I need to fill out a mortgage application? No Yes
Do I have to pay an application fee? No Maybe
Does it require a credit history check? No Yes
Is it based on a review of my finances? No Yes
Does it require an estimate of my down payment amount? No Yes
Will the lender give me an estimate for a loan amount? Yes No
Will the lender give me a specific loan amount? No Yes
Will the lender give me interest rate information? No Yes