|It's no matter whether
you are a first time home buyer or you already own a home and are
purchasing a new home, before you start looking at homes, you need to have
a good idea of what you can afford. A prequalification takes the guesswork
out of house hunting and can save you much time and trouble by making
certain you are looking in the correct price range.
strengthens your overall picture as a buyer. When you are prequalified you
have more negotiating power with the seller and can save thousands of
dollars as a result of being in a better negotiating situation. For
sellers, an offer from someone who has pre-qualified is to be preferred
over an offer from someone who has never met with a lender and thus has
little idea of what might or might not be affordable. More over, sellers
are often advised to only accept offers from buyers who are pre-qualified
for their home loan.
|Many real estate agents
will not begin working with you unless you get prequalified. By
pre-qualifying you demonstrate to agents that you're serious and that you
are able to secure financing.
help you determine whether the specific details of your financing strategy
will be acceptable to mortgage lenders: the source of your downpayment,
the percent that your downpayment represents of the house price, and other
factors that may be specific to your situation. It's good to avoid
potential pitfalls early on, when you still have time to deal with them,
rather than finding out about them so late that they present real
roadblocks to getting your final application approved.
|If you are refinancing,
it still pays to find out whether or not you can qualify for the amount
that you need. Pre-qualification tells you that right away.
|Pre-qualification is free
of charge, and does not place you under any obligation.
|To become pre-qualified,
you have to submit general information about yourself and your finances to
a broker or lender. The information you provide won't be verified. The
lender will analyze your financial situation applying basic underwriting
standards and then will issue a pre-qualification letter or certificate
indicating the maximum loan for which you would qualify. More
|Remember, you are not
required to provide financial documentation to become pre-qualified.
|We only collect the
information necessary for pre-qualification purposes. We do not request any
personal information such as date of birth, social security number or
drivers license number.
information you provide in this form will not be disclosed to anyone other
than the mortgage lender you selected and will be kept strictly
confidential and not shared with any person or entity without your prior