Pre-Qualification


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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.

Pre-Qualification

Same as Qualification.
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We made certain the GQ Pricing and Pre-qualification engine would offer origination solutions that are simple, fast and user-friendly.
The GQ Pricing and Pre-qualification engine is a part of American Guardian's GQ Technology, which is a resource for brokers to exceed industry standards and offer superior products and service to help them increase their volume.
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Primary features of LOP include automated contact management, borrower pre-qualification, loan comparisons, access to current loan programs/pricing and a product selection engine.
The user is asked to enter their email address and to complete a pre-qualification form.
Moreover, as with our pre-qualification module, a loan officer can enter in summary data for a borrower and does not have to complete a full 1003 loan application to get an underwriting decision from Fannie Mae.
One-time entry and automatic data flow between pre-qualification and application entry modules significantly reduces the time spent with each application.
If SBA finds the borrower eligible and creditworthy, the agency will issue a pre-qualification letter indicating that the application appears to merit a loan guaranty.
Pre-qualification: Pre-qualifications for General/Building Contractors for school construction projects.