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Paula has completed a mortgage application and provided evidence of employment, income, assets owned, and existing debt to the potential lending institution. Although Paula has not even begun the process of looking at possible homes to buy, she is eagerly awaiting news from the lender as to whether she has been approved for a mortgage. In what stage of the application process is she

Respuesta :

She is at the stage of Prequalification in the application process.

What is Prequalification?

Pre-qualification describes a credit assessment made by a lender based on data supplied by a borrower. Before providing a pre-approval, the lender must first pre-qualify a borrower by evaluating their creditworthiness.

Contractor Prequalification

  • The process of acquiring and evaluating information to identify a contractor's capability, capacity, resources, management procedures, and performance is known as contractor prequalification.
  • Financial capability and surety, job history, licensing and credentials, management standards, regulatory, quality, safety, and environmental performance data are examples of typical subject matter areas.
  • Before accepting bids, local government uses audits to determine the prequalification standing of prospective bidders on projects. Only prequalified bidders will be given the opportunity to place a bid.

learn more about prequalification in:

https://brainly.com/question/14497625

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