Definitions for "Pre-qualify"
Determine the maximum loan amount a prospective buyer qualifies for prior to showing them properties. Failing to pre-qualify may result in wasted efforts showing the prospect properties they cannot afford to purchase.
To determine how much money a prospective home buyer will be able to borrow before a loan is actually applied for.
When a lender determines an amount which a borrower would be eligible for. Pre-qualifications are subject to verification and are usually done prior to the selection of a property.
An informal estimate of the amount of money a homebuyer can obtain through a mortgage loan.
Preliminary indications on how large a mortgage a buyer can quality for.