Do you know the difference? I see where some mortgage people are advertising that they can preapprove a client in 1 hour or less. Wow, I must be missing something. It takes me a little longer unless they bring in w2s,bank statements,paystubs and documentation of their investment accounts. I can say they are pre qualified but not preapproved until I see these things. I have to verify that the information they have said is correct based on the way we have to figure income and based on the guidelines. I guess a Realtor may be willing to wait until the information is verifeid to get a decision instead of guessing that their buyer will qualify.Would you want someone prequalified or preapproved. I will send a letter of approval. But only after I have verified all related documentation.