Mortgage Pre-qualification

How to get a home loan step #2 is mortgage pre-qualification – above and beyond the pre approval. Another benefit to completing the very thorough mortgage pre-qualification loan process is that now the lender has all of your information, paperwork, and employment detail. Now the lender will require you to answer some detailed questions and information you have already provided, you can also rest a bit easier knowing that the bulk of the hard work is completed. Now it is time for you to sit back and let the professional lenders get your mortgage pre qualified for a mortgage approval.

Get Pre-qualified!

How to get qualified to buy a house step #3 is getting pre-qualified.  This is an important first step to homeownership and is often overlooked when people are considering buying a home. Getting mortgage pre approval is like organizing supplies before going on a camping trip.

The more organized you are, the more enjoyable your camping trip will be. While mortgages are similar because the more preparation you do will result in a low stress experience as you complete the mortgage pre-approval and buy your home.

Mortgage Pre-qualification vs. Mortgage Pre-approval

It is important to understand how to get qualified to buy a house (mortgage pre-qualification) can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your credit and verified your documentation to approve a specific loan amount (usually for a particular period, such as 90 days). Final mortgage pre qualification occurs when you have an appraisal done and the loan is applied to a property.

When you contact the lender to discuss a home loan, you may be surprised just how thorough the lenders research will be as they determine how much home you can afford. Below we have assembled a list of many of the frequently asked questions by lenders. This list is valuable because it helps buyers understand The significant amount of information they will have to provide a lender before they can obtain a loan. Here is what should expect in the home buying process

❒ Name of current employer, phone and street address
❒ Length of time at current employer
❒ Position/title
❒ Salary including overtime, bonuses or commissions
❒ Income
❒ Two years of W-2s
❒ Pensions, Social Security
❒ Gifted funds from relatives

❒ Public assistance
❒ Child support
❒ Alimony
❒ Assets
❒ Bank accounts (savings, checking, brokerage)
❒ Real property
❒ Investments (stocks, bonds, retirement accounts)
❒ Proceeds from sale of current home

❒ Gifted funds from relatives
❒ Debts
❒ Current mortgage
❒ Liens
❒ Alimony
❒ Child support
❒ Car loans
❒ Credit cards
❒ Real property
❒ Profit & Loss for self-employed

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