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 ?
Importantly, the approval achieved with support from MMV and funding from Unitaid, makes the Cipla product the first to receive prequalification for this indication.
The procedure for conducting prequalification of participants is set out in the documentation for prequalification that will be sent to the participants who sent the bid to the organizer of the tender for consent to participate in the bidding and prequalification of participants.
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.
18 July 2014 - US Daktari Diagnostics Inc said Friday that its point-of-care (POC) diagnostic platform, Daktari CD4, had been accepted into the Prequalification of Diagnostics Programme within the World Health Organization (WHO).
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: "With WHO prequalification 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
One might even make the case that the great ones begin their preparation for negotiations during their prequalification review.
9, Prequalification Education, Tests of Professional Competence and Practical Experience of Professional Accountants.
The prequalification program will remain in its pilot stage until officials are sure that it meets its objective of helping women create viable ventures.
PICS offers a range of services that bridge the gap between independent operations and contractors, while offering prequalification services for large organizations worldwide.
The procedure for conducting prequalification procedure - according to the documentation for prequalification of participants.