The Real Estate Encyclopedia
What Is A Pre-Qualification Letter?
Category - Mortgage Questions - Mortgage Loans FAQ's
When a lender pre-qualifies a borrower for a certain amount based on a preliminary interview and a credit report, the lender writes a pre-qualification letter, including the amount the borrower has been pre-qualified for.  This letter is included in the offer when presented to the seller and it is intended to inform the seller that the buyer qualifies for a certain loan amount.

At this stage the buyer has not applied for a loan and has not been pre-approved for a loan.

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