prequalification
Initial eligibility check
Prequalification is the process of determining in advance whether someone or something meets basic requirements or standards.
In lending, prequalification gives borrowers a preliminary estimate of how much they might borrow, based on self-reported financial information—less rigorous than full preapproval.
In contracting and procurement, prequalification screens vendors or bidders to ensure they have the capacity and credentials to compete for a project.
We got prequalification for a mortgage before house hunting.
Required prior condition
- requirementMandatory condition to fulfill
- applicationFormal request document
- criteriaStandards for judgment
- conditionsPrevailing state of affairs
suitability · credentials · documentation · authorization · permit · license · certification · enrollment
Standard for comparison
- specificationsStated requirements and parameters
- requirementsNecessary conditions for something
- guidelinesSuggested rules for behavior
- parametersDefined boundaries or constraints
criteria · norms · regulations · thresholds · protocols · baseline · framework · cutoff
Evaluating suitability through investigation
- filteringSelective passage of elements
- shortlistingNarrowing to finalists
- verificationProving something accurate
- reviewCritical written assessment
Determining worth or quality
- appraisalEstimation of worth
- analysisMethodical study of parts
- examinationMethodical assessment or review
- inspectionFormal assessment of condition
audit · scrutiny · validation · testing · measurement · benchmarking · scoring · rating
One who makes offers
- contractorHired construction professional
- vendorOne who sells goods
- supplierSource of goods
- tenderSoft or sore
RFQ · solicitation · proposal · shortlist · bonding
One who loans money
- borrowerOne who takes temporarily
- loanBorrowed money repaid later
- pre-approvalConditional authorization in advance
- affordabilityState of being purchasable
prerequisite
Required prior condition
- requirementMandatory condition to fulfill
- applicationFormal request document
- criteriaStandards for judgment
conditions · suitability · credentials · documentation · authorization · permit · license · certification · enrollment · registration
benchmark
Standard for comparison
- specificationsStated requirements and parameters
- requirementsNecessary conditions for something
- guidelinesSuggested rules for behavior
parameters · criteria · norms · regulations · thresholds · protocols · baseline · framework · cutoff
vetting
Evaluating suitability through investigation
- filteringSelective passage of elements
- shortlistingNarrowing to finalists
- verificationProving something accurate
review · inquiry · investigation · fact-checking · intake
evaluation
Determining worth or quality
- appraisalEstimation of worth
- analysisMethodical study of parts
- examinationMethodical assessment or review
inspection · audit · scrutiny · validation · testing · measurement · benchmarking · scoring · rating · determination
bidder
One who makes offers
- contractorHired construction professional
- vendorOne who sells goods
- supplierSource of goods
tender · RFQ · solicitation · proposal · shortlist · bonding
lender
One who loans money
- borrowerOne who takes temporarily
- loanBorrowed money repaid later
- pre-approvalConditional authorization in advance
- lendingloans, borrower, approval, lenders, bank loan
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- mortgage termsmortgages, home loans, foreclosure, lien, interest rates
- procurementprocurement, purchasing, purchase order, bidding, subcontract
- biddingbid, bidder, bidding, auction, opening bid
- due diligencedue diligence, legal review, vetting, legal analysis, data room
prequalificationfinal approval
Authorization that concludes review
closing · completion · ratification · preapproval · consummation
prequalificationdisqualification
Removal from eligibility
rejection · ineligibility · exclusion · denial · elimination
qualify, qualified, unqualified, qualification, qualifying, disqualify, disqualified, qualifications, qualifier