Pre-qualification and pre-approval are both a part of the mortgage application process. All home buyers who apply for a mortgage must go through these processes. To show they are able to qualify for a mortgage, most buyers will start the mortgage application process before making an offer on a home.
If you're thinking about buying a home, it's important to know the difference between pre-qualification and pre-approval. Knowing the difference can help you decide what you need to do in order to make a competitive and attractive offer when you find a home you wish to buy.