Mortgage prequalification vs. preapproval: Which is best?
Briefly

Mortgage prequalification offers a quick estimate based on basic info like income and debt. Preapproval involves application, document submission, credit check, resulting in a specific loan amount and terms.
Lenders may label the more intricate process as a verified approval, adding to the confusion with terminology like prequalification or preapproval for the simpler process.
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