Mortgage Pre-Qualification is the initial step in the house-hunting process, a mortgage pre-qualification means a borrower will probably be approved for a home loan up to a specific amount. There is neither a commitment to lend nor a guaranteed amount.
Why would I want a mortgage pre-qualification?
Pre-qualification is not required, but it is a good starting point for home buyers who are unsure if they can qualify for a mortgage loan. In addition to giving borrowers an idea of how much they can afford, a pre-qualification—provided by the lender—also serves as a snapshot of a borrower’s credit worthiness. If a borrower is satisfied with the assessment, they can then take the next step: applying for pre-approval.
What Documents Do I Need To Pre-Qualify For A Mortgage?
You Will Need To Provide Basic Financial Information Which Includes Proof Of Income And A List Of Assets And Debts. A Soft Credit Inquiry May Be Pulled, But It’s Not Required. Afterwards, The Lender Will Use The Initial Information To Determine If You Meet Their Criteria For A Home Loan. No Worries We Will Walk You Through The Process.
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