👉 "Mortgage pre-qualifications, also known as mortgage qualification pre-approvals," is a term that's quite popular in the tech industry. Essentially, it means getting an initial approval to purchase a home before you actually get one.
For example, imagine you have been prequalified for a home loan but are still waiting to get approved by a lender. You go to the bank and ask if they will prequalify you, thinking that's your chance to secure a mortgage. "No," they answer. "You'll have to go through an actual appraisal process." The joke is that while you're getting pre-approval, you're actually waiting for the real appraisal to happen. It's like when you ask someone if they want to buy a house but they refuse because they don't want to do their own research. But seriously, this term can be quite unsettling and make people feel like they're not being taken seriously.
