Get Pre-Qualified

Before you start looking at property to purchase, make sure you have been pre-qualified.  Getting pre-qualified before you start looking will assist you in knowing: 1) just what price range of homes you have the best chance of being approved for; 2) will show the Seller you are serious about purchasing property and have the means to do so, and 3) will speed up the closing process.

Getting pre-qualified only takes a few minutes and can be done online, over the telephone or in person with a lender. Typically, you will first get “Pre-Qualified” for a mortgage and then “Pre-Approved.” Get a list of preferred mortgage lenders.

Pre-Qualification is an informal decision by a lender stating the amount or the mortgage you can afford based on what you tell them.  They will give you a “Pre-Qualification” letter to give to your REALTOR® to be used in negotiations when you choose a property to purchase

Pre-Approval is a guarantee in writing by a lender to grant you a loan up to a specified amount.  Pre-Approval comes after you have provided verification of funds, employment, etc.