Matt is considering the purchase of a condo on a mortgage.However,he is not sure of the amount of the mortgage he is eligible for.____________ will help him identify and correct any problems such as credit report errors that may arise on his application.
A)Prequalification
B)A contingency clause
C)A Multiple Listing Service
D)Due diligence

Question

Matt is considering the purchase of a condo on a mortgage.However,he is not sure of the amount of the mortgage he is eligible for.____________ will help him identify and correct any problems such as credit report errors that may arise on his application. ​
A)Prequalification
B)A contingency clause
C)A Multiple Listing Service
D)Due diligence

Quizplus · Accepted Answer

Prequalification is a process where a lender reviews Matt's financial situation, including his credit score and income, to determine how much of a mortgage he may be eligible for. This will also help Matt identify any issues with his credit report that he may need to correct before applying for a mortgage. A contingency clause is a contract provision that can cancel the purchase if certain conditions are not met. A Multiple Listing Service is a database of properties for sale, while Due Diligence refers to the process of conducting research and analysis before making a decision.

Matt Is Considering the Purchase of a Condo on a Mortgage.However,he