9-Loan Qualifications-Chapter 22

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22.9. Loan Qualifications 22.9.1. Pre-qualified v Pre-approval The terms pre-qualified and pre-approved refer to two different steps in the mortgage process that indicate a borrower’s potential eligibility for a loan. Here’s how they differ: Pre-Qualification Definition: Pre-qualification is an informal assessment of a borrower’s financial situation based on self-reported information. It provides a general idea […]

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