Financial Qualification

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January 1, 1 6 min read Definitions

Mortgage Loan Pre-Approval Home Buying Process Real Estate Financing Creditworthiness Property Appraisal Loan Terms Financial Qualification

A process whereby a specific mortgage lender certifies that a prospective borrower is financially qualified and creditworthy for a specific type of loan with specified terms for an amount up to a specified maximum. Actual advancement of the loan will depend on the suitability and value of the collateral property, which is unspecified at the time of pre-approval. Contrast PREQUALIFY.