Answer:

Pre-Qualification: Based on preliminary information regarding your income, debts and assets. Information is usually provided verbally by the buyer(s) In-file credit report may or may not be reviewed Once a purchase agreement is executed, the buyer must complete a loan application No fee Pre-Approval: Buyer provides documentation of income, debts and assets. Loan application is completed. Information is verified and loan is approved by underwriter No need to complete application once purchase agreement is executed (it's already done) Buyer makes a deposit on closing costs Buyer's loan is approved, subject only to home's