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.
is the first step in which the lender collects income, debts and repayment capability information from the borrower to determine the suitable type of loan.
Your income, employment history and your available down payment qualify you as a potentially approvable mortgagee, subject to a mortgage lender's approval of a completed application, satisfactory credit check, home appraisal, and home inspection.
Buyer has discussed their financial situation with a loan expert. No attempt has been made to verify the validity of any of the borrowers information. PRE-Qualification is only an indication of what the buyer should qualify for.