Pre-qualification & Pre-approval ? Questions

[Alex Ballesteros]

- Are there any differences between the two?

- Does it matter who you get a pre-qualification/ approval from? I last got mine from some third-party company on Zillow, and I don't know if there are any other better alternatives or if it is the same result with any lender?

- I last got pre-qualified Feb 2020, but have made more income since then. How often should I be checking what I'm pre-qualified/ approved for?

[Wayne Brooks]

A Pre Qual is limited, you need a Pre Approval.  Unless you have to submit 2 years of tax returns, recent pay stubs and bank statements to prove cash on hand...it is useless.  The preapproval from some lenders is useless, we rejected all preapprovals from Quicken.