What is mortgage pre-qualification?

by Hello Blue
January 30, 2020
Reading Time: < 1 minute

Mortgage pre-qualification is when a lender evaluates your current financial situation to determine if you would qualify for a mortgage and how much the lender would be willing to loan you. Getting pre-qualified is an important step towards buying a home, but it does not guarantee you will get a mortgage. A pre-qualification letter can be submitted when you make an offer on a house as it will show sellers that you are a qualified and a serious buyer.