How and Why to Get Pre-Qualified for a Mortgage

So, you’ve decided to become a homeowner? Or you’ve at least entertained the notion?

Before you even decide if you want a fixed-rate mortgage or an adjustable-rate mortgage, take this step:

• Get pre-qualified

This course of action simply involves supplying a lender with basic information regarding your debt, income and assets. From there - at no cost to potential borrowers - lenders will respond with the mortgage amount for which you qualify.It’s a helpful initial step of the process.

Such pre-qualification can help you narrow your range of homes. Moreover, it proves that you’re a serious shopper, one whose offer will be taken more seriously than an offer from someone who has not spoken with a lender.

In other words: you have a better chance of actuallly purchasing that dream home now!

The pre-qualification stage also allows you to discuss with your lender any goals or needs you may have regarding your mortgage. He or she can then explain your home loan options and recommend the type that might be best suited to your particular requirements.