Residential Mortgage Application: Getting Pre-qualified

Getting pre-qualified before filling out a residential mortgage application can be very beneficial. Here are the basics of getting pre-qualified for a loan.

Pre-qualification

Pre-qualification is a simple process that is going to help you determine if you can get approved for a loan of a certain amount. With the pre-qualification process, you are going to talk to a mortgage lender and give them basic information about yourself. You are going to tell them approximately what your credit history is and how much money you make. They are not actually going to pull your credit history report or verify anything at this stage. They are simply going to look at the information that you give them and give you an estimate of what type of loan you could be approved for.

Benefits

This process can help you because it will tell you approximately how much you can afford to buy. If you are in the market for a house, you will be able to know what type of houses to look at. Many people look at properties that they could not possibly afford and waste their time and the time of real estate agents in the area.

 

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