What is Prequalification?
Prequalification is an estimate of what you might be able to borrow. It provides an estimate of your borrowing power and is based on information you provide verbally about your income, assets, financial responsibilities and sometimes a credit information check. The prequalification process is offered by most lenders at no cost. The loan prequalification is not as comprehensive as loan approval and is therefore not guaranteed or considered any type of loan commitment.
Why get Prequalified?
Once you’ve built your budget and know how much of a loan you can comfortably afford, getting prequalified allows you to estimate the loan amount and type that’s right for you. Then, when you’re searching for a home, you’ll know which homes are in your price range.
It’s important to note that while prequalification can give you an idea of what you could borrow, the amount you should borrow should never be more than what you can comfortably afford. We can help you figure out how a home loan payment would fit into your financial picture.
For more information on obtaining loan prequalification please submit your request below: