What is the difference between prequalified and preapproved?
Prequalification is a quick estimate based on what you tell a lender. Preapproval means the lender checked your credit, income and assets and issued a letter for a specific amount, which sellers take more seriously. In ListingCraft for Buyers, listing agents see a "Preapproval on file" badge when you upload your letter.
Get preapproved before you make offers. Many sellers and listing agents will not consider an offer without a letter or proof of funds.
Your letter stays private in ListingCraft for Buyers until you turn on sharing for a showing request or offer.