Matt is considering the purchase of a condo on a mortgage. However, he is not sure of the amount of the mortgage he is eligible for. _____ will help him identify and correct any problems such as credit report errors that may arise on his application.
A)Prequalification
B)A contingency clause
C)A Multiple Listing Service
D)The seller's financial institution
E)A buyer ' s agent

Question

Matt is considering the purchase of a condo on a mortgage. However, he is not sure of the amount of the mortgage he is eligible for. _____  will help him identify and correct any problems such as credit report errors that may arise on his application.
A)Prequalification
B)A contingency clause
C)A Multiple Listing Service
D)The seller's financial institution
E)A buyer ' s agent

Quizplus · Accepted Answer

Prequalification is a process where a lender evaluates a potential borrower's creditworthiness and estimates how much they can borrow. This can help identify and correct any issues, such as errors on a credit report, before applying for a mortgage.

Matt Is Considering the Purchase of a Condo on a Mortgage