What’s the difference between prequalification and preapproval?

Local Knowlege Video: What’s the difference between prequalification and preapproval?

A prequalification is when lenders look at the bare minimum to determine what you can afford.

Sarah Rosley, Mortgage Loan Officer, NMLS #1722915

In this video, Sarah Rosley explains the difference between a prequalification and a preapproval.