Definitions for "Pre-qualified"
A lender informally determines the maximum amount an individual is eligible to borrow.
is an informal estimate of a borrower's ability to repay a loan based on preliminary information obtained from the borrower. Pre-qualifying allows a borrower to obtain an estimate of what they can afford prior to selection of a new home.
A lender extends a qualified offer of credit, based on general information about creditworthiness obtained from lenders.