A pre-qualification is when you provide us with some of your basic information and we determine your eligibility for a loan. A pre-qualification is mostly speculative as it is dependent on the information you have provided. We look at your stated income, assets, and liabilities. We then determine if you would qualify for a loan and if so, how much of a loan you could get. This is the first step in determining your eligibility. We then make a letter for you with your pre-qualification terms. The next step would be to get a pre-approval letter which goes more into depth and provides more confidence.