Finance
Pre-qualification for a mortgage differs from pre-approval in that:
APre-qualification involves a full credit check and income verification
BPre-qualification is an informal estimate based on self-reported information, while pre-approval involves actual verification✓ Correct
CPre-approval is not recognized by New York lenders
DPre-qualification is required by New York law before making an offer
Explanation
Pre-qualification is an informal assessment based on self-reported financial information. Pre-approval involves actual verification of income, assets, and credit, providing a stronger commitment from the lender.
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