Pre-qualification is a quick, informal estimate of how much you might borrow, based on self-reported financial information without a full document reviewing and verification. And we use a softpull credit report or your own credit report from annualcreditreport.com if you do not have any negative record. Pre-qualification may or may not need the borrower provide all support documents.
Pre-approval is a more in-depth and formal process where a lender verifies your financial information, performs a credit check (hard pull), and provides a conditional loan offer for a specific amount. Pre-approval is more powerful when making an offer because it shows sellers you are a serious, qualified buyer.
For both Pre qulification or Pre-Approval. We need a full loan application, optional support documents for Pre Qualification or support documents for Pre Approval.