TermLoans & mortgages
Pre-approval vs pre-qualification
Pre-qualification is a rough estimate; pre-approval is a verified, stronger offer from a lender.
Watch out for this
Get pre-approved before house-hunting — sellers take it far more seriously.
About this entry: short by design — every term in The Money Translator gets a one-sentence definition and a one-sentence reason to care. Some terms get deeper guides under the work.