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From what I understand, pre-qualification of tenders is a system in which prospective contractors are first screened by the hiring firm. If the firm deems them good enough for the job (financially sound, all insurances in place, technical capacity, appropriate management etc.) they are then labeled as pre-qualified contractors. After your business is pre-qualified, you will then be invited to tender on work from the firm that pre-qualified you. Different firms/industries have different criteria for pre-qualification.

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13y ago

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What does it mean by mortgage prequalification?

Mortgage prequalification is a term used when an initial application for a mortgage as been approved. This will depend on the information your originally applied for a mortgage, and will be further confirmed if you found a home to purchase.


Where can one find a mortgage prequalification calculator online?

Many banks will have a mortgage prequalification calculator or a list of requirements posted on their websites. Getting data from the official website is more accurate than using a third party mortgage prequalification calculator.


What do you mean by tender notice?

To Tender Notice means in basic to GIVE NOTICE of an event. In employment terms tender notice would mean to resign or have a notice of termination of employment given to you. Business terms it can mean to give forwarning of ceasation of a contract, partnership etc


Can you explain what a preapproval for a mortgage is and how it differs from prequalification?

A preapproval for a mortgage is a lender's commitment to loan you a specific amount of money based on a thorough review of your financial information. It involves a credit check and verification of your income and assets. Prequalification, on the other hand, is an estimate of how much you may be able to borrow based on basic information you provide to a lender, without a detailed review. A preapproval is a stronger indication of your ability to secure a loan compared to prequalification.


What is a loan prequalification calculator?

A loan pre-qualification calculator is basically a program that calculates your ability to qualify for a mortgage or a loan. You can find a free one on Bankrate's site.