PREQUAL or PRE APPROVAL LETTER
A prequal letter states the amount that the buyer can qualify for based on information that he has given to the lender verbally.
A pre approval letter states the amount that the buyer can qualify for based on documentation that buyer has supplied to lender.
A pre approval is better than a prequal because the lender has made his determination based on hard evidence.
Jim Forsyth. College Realty Inc. GMAC Real Estate. 14767 Bear Valley Road, Hesperia, CA, 92345