Ability to meet a lender's mortgage approval requirements.
An informal greement for the maximum amount an individual is eligible to borrow.
The process of providing financial information in order to determine the maximum amount of mortgage you will qualify for. This process usually includes an interest rate hold and a list of conditions that need to be met. Conditions would include such things as employment/income verification, down payment etc.
Informal determination by a lender or broker of how large a mortgage a buyer can afford.
based on the review of the loan application, the lender unofficially states the maximum amount of money that can be borrowed
Pre-qualify refers to when a borrower obtains mortgage financing approvals from a Mortgage Broker, lender or bank in advance of purchasing a home.
A lender calculates how much potential money a buyer can qualify for; it is non-binding, and is subject to a mortgage application / evaluation process.
a lender informally determines the maximum amount an individual is eligible to borrow.