A non-binding process in which prospective borrowers provide preliminary information concerning income, debts, assets and credit to mortgage lenders. The lenders perform some calculations and estimate the size of home purchase they will likely approve

When you prequalify for a mortgage, the lender calculates the approximate amount you’d be able to borrow, based on your current income and debt. Many lenders offer free mortgage calculators — sometimes called prequalification calculators — on their websites to help you estimate how large a mortgage you’d be approved for.Since you don’t complete a m [..]

An assessment of capabilities, current capacity, etc. as an initial part of a selection process. Used to narrow the number of bidders when inviting tenders for contract work and thereby reduce the amo [..]

Definition The process of determining how much a prospective home buyer might be eligible to borrow before he/she has applied for a loan; not a guarantee of approval.

The process of determining how much money a prospective homebuyer may borrow, prior to application for a loan.

Prequalification is the process of estimating how much a prospective homebuyer can borrow based on current interest rates and the borrower's stated income. Prequalification doesn't represent [..]

The process of determining how much money a prospective home buyer will be eligible to borrow before a formal loan application is submitted.

This introductory step involves an unverified, cursory discussion about a borrower's finances. Prequalification helps veterans get a sense of what they can afford but it means little to sellers a [..]