Pre-Approval vs Pre-Qualification

Pre-qualification is a quick informal estimate of how much you might be able to borrow, based on self-reported financial info. No documents, no credit pull, no commitment from the lender. It's useful for early house-hunting orientation but carries little weight with sellers.

Pre-approval is a documented, conditional commitment from a lender based on verified documents: credit report, income proof, asset statements, employment confirmation. Pre-approval letters are what sellers actually want to see — they signal a serious, ready buyer.

Why it matters for Milo customers

Milo issues real pre-approvals (not just pre-qualifications). For crypto-backed mortgages, pre-approval requires verifying crypto reserves through custody attestation or wallet proof — a step that takes hours, not weeks, with the right wallet setup.

---