A free mortgage prequalification lets you know roughly how much you can borrow, based on basic financial data you provide. There is no fee or obligation and no credit check involved. A pre-approval involves a more detailed look at your data and is based on a preliminary review of your credit information.
Results of the mortgage affordability estimate/prequalification are guidelines; the estimate isn’t an application for credit and results don’t guarantee loan approval or denial. All home lending products are subject to credit and property approval.