What is the consequence for Sam and Lisa if they provided truthful information during pre-qualification?

The consequence for Sam and Lisa providing truthful information during pre-qualification is that they have a higher chance of loan approval. When applicants are honest about their financial circumstances, it allows lenders to assess their creditworthiness accurately. This transparency helps lenders make informed decisions based on the real financial picture, which typically results in a more favorable evaluation of their application.

Honesty in the pre-qualification process can lead to a more efficient review, and lenders are more likely to feel confident about the applicants’ ability to repay the loan, increasing the likelihood of approval. When applicants do not provide misleading or false information, it minimizes the risks for both parties involved, fostering a more trusting relationship between the borrower and the lender.

Higher chances of loan approval mean that the applicants are positioned better in the loan process, as lenders can quickly determine eligibility based on truthful disclosures rather than having to navigate through potential issues that can arise from incorrect information.