Prequalification


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Prequalification

The act or process of determining the approximate amount a borrower will be able to borrow before he/she actually applies for a loan. Prequalification looks at the borrower's current income and debt to make this determination. Prequalification is most common with mortgages. Because the borrower has not applied for the loan, it is not a guarantee of approval, but is rather an estimation. See also: Pre-approval.

Prequalification.

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 mortgage application or provide financial details, prequalification is not a guarantee, and simply helps you determine how much you should plan to spend on a home. But before you're approved for a mortgage, you'll have to go through the mortgage application process, including a credit check, and provide financial documentation.

References in periodicals archive ?
With WHO prequalification, global health organizations such as PEPFAR, UNAIDS and the Global Fund to Fight AIDS, Tuberculosis and Malaria can now deploy the HIV/Syphilis Duo test in national screening programs targeting those in greatest need.
According to sources and available documents, the staff of Parks Division did not undertake prequalification bids of the applications prior to issuing contracts and favoured the favourites, causing a loss of millions of rupees to the civic agency, which is reeling under financial woes.
This milestone also marks the first time a Chinese vaccine manufacturer has achieved WHO prequalification.
The envelope should be marked: Expression of Interest and prequalification of construction contractors for aircraft hanger project.
5 B, and the deadline for companies to participate in the prequalification is May 17, 2010.
Announcing the prequalification Andrin Oswald, chief executive of Novartis Vaccines and Diagnostics, said:"WithWHOprequalification for all three of our A(H1N1) 2009 vaccines, we have expanded our commitment to contribute to the prevention of A(H1N1) 2009 influenza in all countries around the world.
prequalification for all three of its influenza (H1N1) 2009 monovalent
The World Health Organization prequalification project had already approved the drugs, and many groups that were financed by the Global Fund were already distributing them.
organized a March 29-30, 2004 conference in Gaborone, Botswana to try to build international consensus that the generic versions, already in use by tens of thousands of patients in many countries, were not reliable and needed additional testing--which would have undermined the WHO Prequalification Project and the low-cost medicines it had approved.
One might even make the case that the great ones begin their preparation for negotiations during their prequalification review.
4) The report again made a last-minute addition, suggesting a takeout from its own prequalification requirements "in unusual circumstances, where the crisis poses a threat to the global economy.
Regarding the prequalification requirements established by the Los Angeles Board or Education: