Business and Personal Finance Dictionary

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• PRE-QUALIFICATION
  
  A request by a prospective loan applicant for a preliminary determination of whether the prospective applicant would likely qualify for credit under a lender's standards, or of the amount of credit for which the prospective applicant likely would qualify. Some lenders evaluate pre-qualification requests through a procedure that is separate from the lender's normal loan application process; others use the same process. Pre-qualification is generally not a commitment to lend. Mortgage Qualify Calculator
  
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