What is Mortgage Prequalification? When Buying a House?

Are you ready to take the leap into home-ownership? If so, you’ve probably already begun the home search process online – it’s an excellent place to start! Here’s another tip I think will be helpful in getting you on the path to your dream home: get pre-qualified!

What is Mortgage Prequalification and Why You Need One When Buying a Home?

What is Mortgage Prequalification and Why You Need One When Buying a Home?

What is Mortgage Prequalification?
Pre-qualification is simply when a lender steps in to review your financials and to determine if you fit the basic financial criteria for a home loan.

How do I get pre qualified for a mortgage?
The process is straightforward and I can give you the name of several great lenders to call.

What is the process of mortgage prequalification?
To get mortgage prequalification, you tell a lender some basic information about your credit, debt, income, and assets. Then they will tell you how much you may be able to borrow. "Tell" is the key word here. The information used for prequalification is self-reported, which means the lender does not verify it or look at your credit report.

What should I expect from a mortgage prequalification?
After you had prequalified with lender, you will know exactly what price range of home you can afford. You may also potentially catch any errors on your credit report early, if there are any, so that you can resolve them right away. Lastly, you are able to make an offer when you find the home you love right away.

What is the next step after prequalification?
Once you had prequalified with lender, your lender will issue a Prequalification Letter. This Prequalification Letter will spell out how much you are qualified for, what's the loan program, do you need seller's concession assistance and others. With these letter on hand, we can start touring for home.

Remember, prequalification does not guarantee preapproval. You can still be turned down if your financial documents don’t support the numbers you reported. We always get our client to preapproved with mortgage. Read What’s the difference between prequalification and preapproval?

Wondering how much house you can afford?
Click here to access the Mortgage House Payment Calculator. Simply add in the price of the home you are considering and the calculator will return your estimated house payment. Change length of loan and interest rates to adjust results.

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