Focus your search, know your options.
The pre-qualification process allows you to start your home-buying or building with confidence.
What is mortgage pre-qualification?
A mortgage pre-qualification is an estimate of how much you can be approved for based on your income and financial obligations. Pre-qualification is the first step in getting a sense of how much home you can afford — and, more specifically, how much you can finance.
Once the process is complete, your Mortgage Banker will provide an estimated interest rate and loan amount to provide a realistic budget in order to begin your house hunting.
Key benefits of pre-qualification
- Provides an estimate of how much you can reasonably expect to finance.
- You understand the loan options available to you from the onset of your house hunting.
- Adds credibility with sellers and may enhance negotiating power.
- Allows you to focus on your home search and can help speed up the process.
Gain peace of mind and reduce your stress by understanding how much financing you qualify for before you start house hunting. Mortgage pre-qualification is an excellent way to get a basic estimate of a loan amount your lender might extend you.
The Process.
Step 1: Getting Pre-Qualified
The first step to a new home or refinance is to fill out an application.
Step 2: Processing
Your home is within reach! We will help you finalize the application details, getting you closer to crossing the threshold of your new home.
Step 3: Underwriting
Once your loan file is complete, it is submitted to an underwriter for review. Lock in your rate and finalize details.
Step 4: Closing
You are now in the final step. Home ownership is just around the corner.
Donna, thank you again for all your help while we purchased our new home. We absolutely love it and I think every single day "I can't believe we live here!" We will be forever thankful for you and all of your time and effort getting us here.
Aberdeen Mortgage Banker - NMLS#400760
