Posted on February 28, 2010 08:46 by
Sam LiQuite often we can hear credit officers will use the term pre-qualified. But exactly that means?
Pre-qualification is the first step in the mortgage application process, in which the lender takes into account basic information about a borrower’s financial standing, including his or her income, assets, and debts, in order to approximate a loan amount the borrower might qualify for. It’s important to note that the amount is not guaranteed for approval, since the figure established by the pre-qualification process is based on unverified information provided by the borrower.
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