The terms “mortgage pre-approval” and “mortgage pre-qualification” are often interchangeably, which makes it confusing to know which one you need. It really depends on how your lender defines the service. If they need to check your credit or not, and what real estate market you are in.
Be sure and ask your lender exactly how he or she defines “pre-approval or “pre-qualification” and if it requires a credit check. Then find out from your real estate agent which version has more credibility in your market. That way, when it comes time to make an offer, you will have what you need to give sellers confidence that you’ll be approved for the home loan.