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  Pre-Qualification Definition
Pre-Qualification A non-binding opinion by a loan officer to help you determine how much money you can afford to spend on a home by analyzing your income, debt and savings information. Unlike a pre-approval, a pre-qualification does not indicate that your credit is good enough to be approved for a loan, it just means that your income is substantial enough and the amount of debt that you disclosed to the loan officer is low enough that you are able to afford a home within a specific price range.

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