The Preapproval Paradox: What Homebuyers Get Wrong About Mortgage Financing The mortgage prequalification vs.
preapproval debate has been a perennial topic in real estate circles, but it's time to examine what's at stake for homebuyers.
While some lenders may downplay the differences between these two early steps in the homebuying process, they represent distinct stages of lender scrutiny – and ultimately, a buyer's financial credibility.