A pre-qualification letter or "pre-qual" simply states that you are "qualified" to purchase a home in a certain price range. A preapproval letter shows a mortgage lender's commitment to lend you a certain amount of money at a locked interest rate. Learn even more about mortgages, mortgage calcuators, appraisals, financing, easements and the Reality of Realty with the MyREALTY Glossary.
When the seller accepts your offer all that’s left is the Appraisal and a Property Report.
