Real Estate Terms Glossary
What is a Pre-Qualification Letter?
We can define a prequalification letter as a mortgage lender or bank’s best guess of the amount you can borrow based on their preliminary review of your overall finances. Prequalification means or indicates that the lender has performed a basic assessment of your creditworthiness in order to determine if you are likely to qualify for a mortgage loan.
After you receive a prequalification letter, you can learn about different mortgage options.
Examples of a Pre-Qualification Letter
- Example 1: Prequalification mortgage letter
Here’s Investopedia’s definition of a Pre-Qualification Letter .
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