Both are great, but you have more heft compared to the other
Pre-qualified vs. Preapproved: A Synopsis
You’ve probably heard that you need to pre-qualify or be preapproved for a home loan if you’re looking to purchase home. They are two steps that are key the home loan application procedure. The terms are used by some people interchangeably, but you will find important distinctions that each and every homebuyer should comprehend.
Pre-qualifying is simply the step that is first. It provides you a basic concept of how big a loan you’ll likely qualify for. Preapproval may be the 2nd action, a conditional dedication to really give you the home loan.