Finance
What is the difference between 'pre-qualification' and 'pre-approval' for an Oregon mortgage?
ABoth are identical; the terms are interchangeable
BPre-qualification is an informal estimate based on self-reported information; pre-approval involves verified documentation and underwriter review✓ Correct
CPre-approval is required before making any offer; pre-qualification is not
DPre-qualification is stronger than pre-approval
Explanation
Pre-qualification is an informal, preliminary estimate of borrowing capacity based on information the borrower provides (income, assets, debts) without document verification. Pre-approval involves actual income/asset documentation, credit verification, and sometimes underwriter review, providing a much stronger indication that the loan will be approved. Oregon sellers often prefer pre-approved buyers.
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