You may be wondering what the difference is between the two terms is, and thankfully the answer is easy: they are practically the same thing. There are some distinctions
(for example, preapproval is typically a more involved and sometimes requires you to pay an application fee), but you can consider the terms synonymous. The important part is that your prequalification or preapproval is a letter from your lender that states how much they are willing to lend you for your mortgage, with certain stipulations. It’s also important to note that these are not guaranteed loan offers.