Prequalification is a process used by financial institutions to determine a consumer’s creditworthiness based on personal finance qualifications. It is not the same as preapproval and does not guarantee credit. Consumers provide financial information to initiate the process, and the institution evaluates the information to determine initial creditworthiness. The process does not obligate the institution […]
Loan prequalification is a simple process that helps homebuyers determine how much money they can spend on a new home and what their monthly payments will be. A loan officer evaluates the buyer’s income, debt, assets, credit, and employment status to provide an estimate. Prequalification gives buyers a better chance of getting the home they […]
