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 term?
A)Prequalification
B)The rent ratio
C)Leasing
D)Anchoring
E)The interest rate

Question

Quizplus · Accepted Answer

Prequalification involves providing financial information to a lender to estimate the mortgage amount a buyer can afford. It takes into account the buyer's income, debt, and credit score, and provides an estimate of the maximum mortgage amount the buyer can qualify for. While rates and terms may change, prequalification provides an initial estimate of eligibility.

Which of the Following Will Help a Buyer Know Ahead