Qualifying
Pre-qualification
Definition
Pre-qualification is an early estimate of how much a borrower may be able to borrow, usually based on self-reported income, debts and assets. It is less rigorous than pre-approval, which involves documentation and a credit check. Calculators give a pre-qualification-style estimate, not a credit decision.
Pre-qualification, explained
Sellers generally prefer offers backed by a pre-approval letter.
See pre-qualification in a calculator
The Pre-Qualification Calculator shows how this works with real numbers. A quick pre-qualification estimate of the home price and loan a buyer can support.
Open the Pre-Qualification CalculatorQ.01What is pre-qualification?
Pre-qualification is an early estimate of how much a borrower may be able to borrow, usually based on self-reported income, debts and assets. It is less rigorous than pre-approval, which involves documentation and a credit check. Calculators give a pre-qualification-style estimate, not a credit decision.
Q.02Does pre-qualification affect my credit?
Usually not when it is based on self-reported information; pre-approval typically includes a credit pull.
Explain it with their numbers
Calculators turn definitions into a borrower’s real payment — and a lead for you.
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