The first step in most first time home owners is finding out if they can get a mortgage. Applying for a mortgage pre-qualification is the first step in getting a home loan. Basically, you just give us your name, phone number, and some basic information and lender will give you a general idea of how much you can borrow.
Mortgage pre-qualification will give you the ball park range of home loan you can receive. This helps the home buyer have a price range to search for a house. This information can save the first time home buyer days and even weeks. Because if they were looking at the wrong price point of houses, one which they could not get a loan, than they wasted time in which they could have been house hunting for the right home.
If a home buyer thought they could get a $200,000 home loan, but they can really qualify for a $230,000 mortgage that could mean a whole new neighborhood. Or if the first time home buyer hoped for a $230,000 loan but only can get $200,000 they could have put offers on a house they could not afford to get. It is very important to know how much a lender is willing loan before looking a home.
How does the Mortgage Pre-qualification Process Work? It is surprisingly simple. Give a lender some basic information and they can quickly calculate the basic range of loan you could qualify.
Pre-qualification for a home loan is not a commitment from a lender, nor should it be considered as such. Mortgage Pre-qualification is the first step in a series of steps hopefully leading to your home ownership.
When first time home buyer is pre-qualified for a mortgage, they receive a rough idea of what they borrow. The lender is taking a basic look at the financial picture. It opens the dialogue and gets the loan process started.
If you like to find out what you are pre-qualifed to borrow follow the link to our secure on line application. we will get back with an answer ASAP.