Let’s begin with pre-qualifications. With a pre-qualification, a lender might ask personal questions and collect an application but request limited or no documentation to verify the information provided. Pre-qualifications might be a starting point, but a seasoned listing agent will require proof that the buyer can secure a loan before advising the seller to take their home off the market. That’s where pre-approvals are critical. With pre-approvals, a lender will require an application, supporting documentation and a credit check, then everything is verified.