Here and in following posts are FAQs about lenders.  I hope they are helpful.

1.  What's the difference between pre-qualification and pre-approval?

Pre-qualification is a simple process. The buyer is asked specific questions about their income, assets and liabilities.  Based on this information, they are provided with an amount for which they may qualify. This process can be done strictly on a verbal level or electronically over the Internet. On the other hand, the pre-approval process is much more involved.  The borrower will provide proof of income, assets and liabilities and this information will be verified by the lender.  Because of this verification, pre-approved buyers are much more attractive to sellers than pre-qualified buyers.

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