Pre-Qualification

Pre-Qualification – A lenders written opinion that a borrower will qualify for a loan. This is usually based on the borrower answering questions and they are not verified by the lender. This is not as good as a pre-approval and will come with many other conditions and verifications before an approval can be obtained.

  • Example: At a minimum, when purchasing a home, you should get a pre-qualification with a lender, although a pre-approval is more desirable.
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