When embarking on the journey to homeownership, you'll likely encounter the terms "pre-qualified" and "pre-approved" as they relate to a mortgage. While these phrases may sound interchangeable, they represent distinct stages in the mortgage process, and understanding the difference between them can significantly smooth your path to securing a home loan.What is mortgage pre-qualification?Pre-qualification is typically the first step in the mortgage process. It provides a general idea of how much you might be able to borrow based on basic financial information you provide to a lender. This process usually involves:Sharing basic financial details with a lenderA quick review of your financial si
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