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| What is Credit |
| Pre-Qualilfication |
| Process |
| Appraisal |
| Title Insurance |
| Flood Insurance |
| Escrow |
| Financing a Condo |
| Temporary BuyDown |
| APR% |
| Good Faith Estimate |
| Truth In Lending |
| Mortgage Insurance |
Mortgage prequalification is a process that pre-approves a homebuyer for a specific loan amount when purchasing a home. To document the loan prequalification, the homebuyer receives a special letter from the lending institution or loan officer. A loan prequalification can aid a homebuyer in the purchase of a home because it gives the buyer a clearer picture of how much money can be spent toward the purchase of the home. As a buyer with loan prequalification, the homebuyer has the option of negotiating a better price or a reasonable payment plan with the seller.
