prequalification
prequalification Lexical Profile
• noun
A preliminary assessment or screening process used to determine whether an applicant, bidder, or borrower meets the basic requirements before proceeding to a formal application, contract bid, or loan approval.
"The construction firm had to complete a rigorous prequalification before submitting a formal bid for the municipal bridge project."
A preliminary condition, credential, or requirement that must be met prior to entering a competition, program, or formal evaluation.
"Graduating from an accredited program is a mandatory prequalification for taking the state licensing exam."
Word Nuance & Usage
In mortgage lending and finance, 'prequalification' is a preliminary, informal estimate of how much a borrower might be able to borrow based on self-reported information, whereas 'preapproval' is a more rigorous, conditional commitment following official credit and income verification.
• Rhymes for prequalification
• Nearby Words
Usage Trend
Historical frequency of usage in published text.