What is pre-qualification?
Pre-qualification is how a lender determines if you fit the basic financial criteria for a mortgage loan.
To get pre-qualified you tell the lender some basic information about your credit, debt, income, assets and the lender in return tells you how much you may be able to borrow. The key word here is “Tell”. The information used for pre-qualification is provided by you, which means the lender usually does not verify it or look at your credit report.