Pre-Qualification vs. Pre-Approval What They ArePre-Qualification A ballpark estimate of how much you might borrow based on self-reported income, assets and debts. Typically involves a quick phone call to an OBX Lender—no tax returns, pay stubs or hard credit pull required. Non-binding: the lender hasn’t verified your data, so the letter is an informal guide, not a guarantee2. Pre-Approval A conditional commitment from a lender after verifying your documentation (W-2s, bank statements, credit report). Involves a hard credit inquiry and underwriter review of your financial profile. Stronger assurance: the lender promises to fund up to a specified amount (pending appraisal and unchanged financial status)2. Side-by-Side Comparison Feature Pre-Qualification Pre-Approval Information Review...
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