Pick the correct statement. Prequalification is a lender's estimate of how much you can afford to borrow, based on your gross income and debts.
Pick the correct statement. Prequalification is a lender's estimate of how much you can afford to borrow, based on your gross income and debts.
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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True or false

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Question 4 of 10
Pick the correct statement.
Prequalification is a lender's estimate of how much you can afford to
borrow, based on your gross income and debts.
Prequalification means that
you
have approval from a lender to borrow up to
$100,000.
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Expert Solution

Step 1 Introduction
The Prequalification is way of approval in a loan, or mortgage of how much a person can borrow on the basis of income, debt, credit score etc.
There are various norms, rules and guidelines regarding the lending policy of the institution and depending on the status of the person, he or she is prequalified for the loan or can borrow or get certain services.
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