Also found in: Dictionary, Wikipedia.


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.


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.

Mentioned in ?
References in periodicals archive ?
Companies understood to have applied to prequalify for the project include UAE-based Petrofac, MAN Ferrostaal of Germany, Paris-based Technip and Athens-based Joannou & Paraskevaides (J&P - Overseas).
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.
At the start of the month, TDIC invited contractors to prequalify for coastal protection works at the same location, part of its Desert Islands development.
We find that buyers who use the web to prequalify homes are more satisfied with the real estate process," said Schilling.
This contract award is the outcome of the reopening of RFQ0006 to prequalify Internet consulting firms.
Application to Prequalify for Procurement of Bulk Water Supply System in Durres Region.
Consultants are also invited to prequalify by June 16, 2006 for Design of a Public Communications Strategy.
Business will prequalify once and this will streamline compliance requirements making it easier for them to compete for government contracts.
Firms are invited to prequalify for the Farmer Training & Development (FTD) Activity ($US30.
The Harris Pyramid Series includes remote test heads and local loop access hardware which are used with the Test Access Controller and Test Access Express test management software components to enable service providers to prequalify, provision and manage high-bandwidth DSL, ISDN and voice services over copper local loops.
They were shortlisted from a total of over 30 firms that sought to prequalify for the prestigious design consultancy package.
The TAC is used by service providers to prequalify and trouble- shoot local loops used for transmitting high-bandwidth services including digital subscriber line (DSL).