CORRECT ANSWER:
Fast Freddie and Thorough Theodore both closed right on time.
Fast Freddie closed on time, but Thorough Theodore closed late.
Fast Freddie’s mortgage loan fell through, and Thorough Theodore closed right on time
Turns out that Freddy's pre-qualification had a lot of PRE, very little QUALIFICATION, and a complete absence of APPROVAL. A pre-qualification can be done quickly, but without verified information, it may not be worth the paper it's printed on. A pre-approval is much more thorough and accurate. Once you have one of these in hand, your credit and income are well known. All that's left to do next is find the right house. In other words, a little extra spent up front can actually save you lots of time in the end.