Buying A House: What is Pre-qualification?

 

What is Pre-qualification and why is it so important when you want to buy a home?
In the video I will answer 5 common questions and more:
1. What does Pre-qualified mean?
2. Why do I need to get pre-qualified?
3. What do they look at for pre-qualification?
4. Can my loan be denied after I've been pre-qualified?
5. What should I avoid doing after getting pre-qualified?

For a quick overview, keep reading.

The initial step towards buying a home is mortgage pre-qualification. This involves submitting a basic application to a lender who will assess whether you qualify for a mortgage and determine the amount they're willing to lend you. During this process, the lender will request financial information and conduct a credit check. Additionally, you may be required to provide documents such as pay stubs and W-2 forms.
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Obtaining a pre-qualification letter from the lender is crucial because we need it before we can proceed with submitting your offer for your desired home. In fact, you'll need it even before you can start viewing homes in person.

Now, when it comes to selecting a mortgage provider, you have a multitude of options. You have the freedom to choose who you'd like to work with, and I'm more than willing to collaborate with your chosen lender.

If you want help finding a lender, ask me for my super duper secret list of loan officers that my clients have had success with. Keep in mind that the type of loan you require may also influence your choice of lender. Some loan programs are exclusive to certain lenders, so if one lender isn't a fit, another might have a program that aligns perfectly with your needs.

To determine the best fit for your specific situation, feel free to contact me, and I'll help you figure out what loan programs might be most beneficial for you.

Ask for my recommended lenders by clicking the pic below.