Definition of Pre-Qualification:

Loan Pre-Qualification Orange County:

A pre-qualification is an informal evaluation of a buyer's credit worthiness and gives them a rough estimate of how much they can afford to borrow. The main difference between pre-qualification and pre-approval is that the lender doesn't verify any information the borrower provides for a pre-qualification. Lenders will verify credit, income, employment and other assets when buyers get pre-approved. A pre-qualification is not a good to use when representing a buyer, the seller is looking for a pre-approval if they are going to accept an offer – the difference between the two is night and day, make sure you read the document closely.


Home | A| B| C| D| E| F| G| H| I| J| K| L| M| N| O| P| Q| R| S| T| U| V| W| X| Y| Z