Pre-Qualifed vs. Pre-Approval whats the difference?

Pre-Qualified vs. Pre-Approved
Can be the difference between closing and heartbreak.

Pre-Qualification:
Determines the loan value a buyer may likely be approved for.  Generally calculated from standard borrowing ratios, it typically involves no verification of documents. Knowledgeable sellers may reject this as there is no real mortgage underwriting review. 

Pre-Approval:
Involves a detailed physical review of a buyer's Assets, Liabilities & Income documents including cash to close, employment history & credit rating.  Borrower specific information is entered into automated underwriting to determine loan eligibility.  We have in house underwriting & approval with correspondent lenders.  A pre-approval certificate may help buyers negotiate a better purchase price since it's like making a cash offer.