Take Advantage of Loan Pre-Qualification
✓ Know how much house you can afford.
✓ Know how much cash you will need for the down payment.
✓ Simplifies pre-approval.
A number of factors determine the price range of homes you’ll want to preview – one of these factors is loan pre-qualification.
Items considered when pre-qualifying for a mortgage loan include:
- Employment History
- Credit History and Scores
- Monthly Income and Expenses
There are many different types of loans to consider – FHA, VA, Conventional and even Bad Credit Loans. Your mortgage advisor will help you find the best loan for your situation.
The pre-qualification gives you a good estimate on how much money you can afford in buying a house. However, it is not a pre-approval. Once you have settled on a home and gone into a purchase contract, the mortgage lender will give you a list of requirements necessary to be approved for the mortgage. At this time they may issue a pre-approval letter pending completion of the listed requirements. This will include an appraisal of the property along with research on any outstanding liens and judgements that must be settled before any mortgage can be granted.