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What Is Pre Qualify

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Rob Veneziano, a senior loan advisor with fairway independent mortgage corp. in Boston, describes pre-qualification as "preapproval light." He says the process involves getting an overall picture of a borrower and his or her debts, income and assets. Borrowers can get pre-qualified over the phone, online or in person.

The pre-qualification phase is when the home buyer meets the minimum mortgage lending guidelines with regards to credit and income There are certain rules and regulations on many matters to qualifying for a home loan

Prequalification and preapproval both refer to a letter from a lender that specifies how much the lender is willing to lend to you, up to a certain amount and based on certain assumptions. These letters provide useful information, but are not guaranteed loan offers.

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Most pre-qualified or pre-approval forms you fill out will not affect your credit score at all. This is a risk-free way to see what type of cards may give you the best chance for a speedy approval! It’s important to remember that even though you may be pre-qualified or pre-approved for a certain credit card, that doesn’t guarantee you’ll.

Pre-approval doesn’t affect your credit score, because the credit card issuer hasn’t done a hard pull on your credit report. However, if you decide to apply for the credit card, the credit card issuer will do a credit check that will result in a hard inquiry.

Question: I am starting a search for a home. I met with an agent to start looking and she said I needed to get qualified with a lender first. Is that normal? Answer: That may seem premature to you,

CardMatch can help you find special credit card deals by matching your credit profile with offers you’re likely to qualify for. It’s free and doesn’t impact your credit score.

What is a ‘Pre-Qualification’. Pre-qualification refers to the evaluation of the credit worthiness of a potential borrower by a creditor for the purpose of providing a pre-approval. Pre-qualifications typically estimate an offering amount of credit or provide the borrower with a pre-approval for a credit card. Next Up.