First Step in Buying Your Home

Getting pre-qualified for a home mortgage loan offers important advantages to the homebuyer.  Pre-qualification can be as easy as having a loan representative determine what price mortgage loan you can afford based on your available funds, income, and debt.  The mortgage broker will ask you a few questions, do some financial calculations and then issue a letter of Pre-Qualification.  For further documentation, you can authorize a credit report and provide bank statements, tax returns and W-2 forms for Documented Pre-Qualification.

Loan pre-qualification increases your credibility with home sellers.  You gain a better picture of your home buying choices – what price home you can afford, what neighborhoods will be suitable for your home search, and what additional documentation you might need in order to obtain pre-approval for your mortgage loan.  Pre-qualification is the preliminary to loan pre-approval, which gives you an assurance of funds from the mortgage lender – a valuable negotiating tool when you approach a home seller with an offer.