👉 The term "mortgage approval calculator" is a phrase used to describe a software tool designed for mortgage lenders to evaluate whether a borrower can secure a loan with their existing property's equity as collateral. This method of assessing creditworthiness relies heavily on the borrower's financial history, including current assets and liabilities.
For instance: Example sentence: "The mortgage approval calculator said that my loan would pass under normal circumstances but wouldn't qualify for an FHA mortgage."
