Getting Pre-Qualified
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How Do I Get Pre-Qualified
- A pre-qualification is your first step when exploring mortgage options. A pre-qualification is really a simple, easy process and can be done over the phone with your loan officer. During this brief conversation, you’ll be asked the following questions and others:
- How long have you been at your current job and what is it that you do/ who do you work for?
- How much money do you have to close on your new loan
- What is your gross monthly Income
- What is your current credit score?
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Have you had a bankruptcy in the past 3 years.
The loan officer will then want to take your information and using the current market rates will provide a general dollar amount that you may qualify for. After the conversation, your loan officer will prepare and send you a letter stating you have spoken with a lender and are pre-qualified for a home loan.
What Is The Difference Between Pre-Qaulifying and Pre-Approval
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What’s the difference between a pre-qualification and a pre-approval? Simply put, the degree of verification. It used to be that a pre-qualification letter issued after a conversation or meeting with a loan officer was enough needed in order to start shopping for a home. Yet while a pre-qualification lets the buyers know a price range they can start shopping for, sellers want to know that your lender has not only provided you with a price range but that your income, credit and assets have been reviewed and approved by your mortgage company.
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When presenting an offer to buy a home, sellers want to see a pre-approval letter, not a pre-qualification letter. If there are two competing offers on a home and one offer has an accompanying pre-approval letter and the other does not, the nod will go to the offer with a pre-approval attached.
How Much Income Do I Need To Qualify - Home Loan Affordability Calculator
Mortgage prequalification is an informal evaluation by a qualified mortgage professional of your creditworthiness and how much of a home you can afford to buy. Prequalification is an indication of whether you meet the minimum requirements for a home loan and how big that loan may be.
Prequalification is a very important step for those who are not sure if they’re financially ready for homeownership or if they would like to give their real estate professional more ammunition when shopping for a home. If you’re confident in your finances or have already been pre-qualified, you might want to get pre-approved instead, which is a complete underwriting of your loan package in advance showing the homeowner that you are qualified and ready to make a purchase.
Affordability Calculator
To calculate how much mortgage you’ll be able to prequalify for, we take into account your credit profile, annual income, and expected loan term and interest rate, as well as your monthly debt payments and potential home-related expenses.
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