An informal estimate of how much you may be able to borrow, based on self-reported income and debt information — no credit pull required.
Full Definition
Pre-qualification is a quick, informal assessment of your borrowing capacity based on information you provide verbally or online — income, debts, assets, and estimated credit score. No documents are verified and credit is usually not pulled. It gives you a rough idea of your budget and helps you start your home search, but it doesn't carry the weight of a pre-approval letter. Sellers and their agents know the difference. Pre-qualification is useful for early-stage planning; once you're serious about buying, you should move to full pre-approval with documented income and a credit check.
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Whether you're buying a home or building a mortgage career, Lend Loft has the tools, training, and licensed support to get you there.