How are "pre-qualify" and "pre-approval" different?

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How are "pre-qualify" and "pre-approval" different?
Pre-qualification is an informal way to see how much you may be able to borrow.
You can be pre-qualified over the phone with no paperwork by telling the Mortgage Consultant your income, your long-term debts and how large a down payment you can afford. Without any obligation, this will help you determine an approximate amount you may have available to spend on a house.
Pre-approval is Lendingrus.com's actual commitment to lend to you.
Pre-approval involves assembling your financial and credit records and going through
a preliminary approval process. Pre-approval gives you a definite idea of
what you can afford and shows sellers that you are serious about buying.

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