Which of the following will help a buyer know ahead of time the specific mortgage amount that he or she will be eligible for (subject to changes in rates and terms)?
A) Prequalification
B) The loan-to-value ratio
C) Leasing
D) Anchoring
E) The interest rate

Question

Quizplus · Accepted Answer

Prequalification is a process in which a lender will review a buyer's financial situation and creditworthiness to provide an estimated mortgage amount they will be eligible for. This is a good way for buyers to know their purchasing power before they start house hunting.

Which of the Following Will Help a Buyer Know Ahead