The Real Estate Encyclopedia Homepage Categories Videos Search Terms of Use FAQ's How to Create an Account Tips to Creating a Good Entry Example of Good Entries Wiki Logos Wiki Widgets Log Out Create an Account Review an Account Create an Entry Upload a Photo/Logo What is the difference between loan pre-qualification and pre-approval? Category - Home Selling Questions - Selling Legal & Closing FAQ's Pre-qualification is a short and simple process of asking a few questions about job history, debt to income ratios and credit history. Based on satisfactory answers a figure is calculated on what you can afford. Pre-approval takes it a step further as the lender will actually perform a credit check, collect financial information (bank statements, W-2's, 1099's, etc.) and have the proper verifications (financial and employment) completed by an underwriter. References Courtesy of HomeOwners Advantage and link that to their entry in the wiki which is at HomeOwners Advantage External Links www.affordablelistings.com     Category(s) Home Selling Questions - Selling Legal & Closing FAQ's Home Selling Questions - General Home Selling FAQ's [edit]

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