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What is the difference between a mortgage pre-qualification and a pre-approval?

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What is the difference between a mortgage pre-qualification and a pre-approval?

A pre-qualification is a compilation of figures given in order to calculate debt to income to see if you may qualify for a loan.  Your credit bureau report is pulled, and a pre-qualification document is produced with an estimate of the loan amount you would qualify for, subject to verification of the provided information.  You do not have to produce tax statements, or other documentation to receive a pre-qualification.

A pre-approval is when we collect your tax statements, proof of income, and other official documentation. Your application goes through the underwriting process, just like a mortgage, and you would be issued a pre-approval at the end.  

We provide pre-qualifications, not pre-approvals.  

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