Pre-Qualification
Lending & MortgagesAn initial estimate of how much you may be able to borrow, based on self-reported financial information.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding pre-qualification helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how pre-qualification impacts your specific situation.