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Definition of pre-qualify in English English dictionary
- a lender informally determines the maximum amount an individual is eligible to borrow
- Preliminary indications on how large a mortgage a buyer can quality for
- Ability to meet a lender's mortgage approval requirements
- An informal process that determines how much home a borrower can finance However, all details are not officially checked and being pre-qualified does not guarantee being able to obtain the loan
- Informal determination by a lender or broker of how large a mortgage a buyer can afford
- An informal estimate of the amount of money a homebuyer can obtain through a mortgage loan
- prequalify
- To qualify or be qualified in advance
- prequalify
- Is not a full mortgage approval, but an estimate of what the buyer can afford
- prequalify
- (mortgage term) Informal determination by a lender or broker of how large a mortgage a buyer can afford
- prequalify
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