Other forms: prequalified; prequalifying; prequalifies
To prequalify for something is to meet the early requirements ahead of time, before you need to use them. Someone who plans to buy a home should prequalify for a mortgage before they start seriously house hunting.
This verb adds the prefix pre-, or "before," to qualify, "to be competent or adequate for a particular purpose," from Latin roots qualis, "of what sort?" and facere, "to make." It's often used to describe the process of borrowing money from a bank. If you prequalify for a loan, you'll know for sure how much you can afford to spend on a car before you head to the dealership.