Finance
In Arizona, a lender's 'pre-qualification' differs from 'pre-approval' in that:
AThey are identical
BPre-qualification is an informal estimate based on unverified information; pre-approval involves verified documentation and underwriting review✓ Correct
CPre-qualification is more rigorous than pre-approval
DPre-approval is required before the buyer can view properties
Explanation
Pre-qualification is a quick, informal assessment based on self-reported information, providing an estimate of borrowing capacity. Pre-approval involves submitting documentation (pay stubs, tax returns, bank statements) for verified underwriting—much stronger evidence of loan approval.
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