- Prequalification is an estimate of the loan amount a lender may be willing to lend based on the preliminary information provided. A prequalification is really just a general figure to help the buyer get started shopping for a home.
- Preapproval is more formal than a prequalification and means that a lender has tentatively committed to an amount for a buyer's loan. It is based on a preliminary review of the buyer's credit information and provides the approximate mortgage loan amount and monthly payment for which the buyer qualifies.
As always, I can give you names of lenders who can help you with the process. Just let me know.