ANSWER: A pre-qualification encompasses reviewing the loan application and supporting documentation. The review includes data and documentation for the buyer/s and may include a particular property of interest.

The buyer/s must have adequate capital, credit, and professional credentials, and the “property in question” (PIQ) must be able to support the desired level of debt.  The pre-qualification process helps determine the buyer/s price range before the search begins and may also be used to evaluate the feasibility of a particular property.