Prequalification provides a home buyer with the specific mortgage amount that he or she is eligible for (subject to the expected changes in interest rates).

Question

Quizplus · Accepted Answer

Prequalification helps to determine the maximum amount of mortgage a buyer can afford based on their income, credit score, and other financial factors. However, the final approval of the loan amount will depend on the prevailing interest rates at the time of the loan application.

Prequalification Provides a Home Buyer with the Specific Mortgage Amount