How to use Prequalification in a sentence
Prequalification can also be done from this website.
Obtain a prequalification through a lender.
Don't confuse pre-approval with pre-qualification; a prequalification is only based on a cursory review of your finances.
Prospective applicants can apply for prequalification over the phone or by using the website.
The prequalification worksheet is merely meant to be used as a tool to help you determine your eligibility so that you can decide if you wish to continue with the process.Advertisement
Contact your preferred lender and ask to conduct a simple mortgage prequalification.
Most mortgage lenders offer simple prequalification, which will tell you how much you are eligible to borrow, based on the information you furnish the lender.
Consider a prequalification to be a good guideline, but don't accept it as an absolute statement of how much you can afford to borrow.
Be sure to utilize the calculators and prequalification process available through this lender to help you estimate what mortgage amount you qualify for as well as what your monthly mortgage payment is likely to be.