Preapproval vs prequalification?
Trying to really figure out what price range I can afford (I have a general idea, but want to make sure I can actually get a loan before I start seriously looking). Some places offer "preapproval" and others offer "prequalification." Some offer both. So, what's the difference? Is it that preapproval gets you a letter, prequal just gives you an idea of what you can afford? Which do I want? Do both involve a hit to my credit (via a credit check)?
And if I call more than one place, say Wells Fargo and coldwell banker mortgage co, does that give me 2 separate hits to my credit? Or just one?
Suggestions, please, before I make the phone call. TIA.