prequalify


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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.

prequalify

To estimate the most expensive home a borrower can afford to buy with the assets, income,and expected loan amount and terms for which the borrower might be eligible.

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The site, which is interactive, helps consumers make a comparison of different loan products offered by a variety of national lenders - including, from the beginning, HomeSide - and to prequalify for one of the loans.
Consulting firms are invited to prequalify (by Oct.
To prequalify, an unrealistically tight deadline of April 23, 2002 was given.