Pre-Qualification is just what it sounds like. It is the process of getting qualified for something. In this case it is a mortgage. Said another way it is getting financing approval
with a lender based on various lending guidelines. It is finding out how much of a mortgage you
qualify for and finding out what payment meets your needs. A Pre-Qualification will let a seller know
you are serious. It is somewhat like
having cash in hand that tells the seller you can back up your purchase
offer. It moves you to the head of the
line in the sellers mind. Realtors like
a Pre-Qualification because they can then show you homes that fit your budget
and that you are qualied to buy.
The process of getting Pre-Qualified is straight
forward. You meet with the lender either
in person or over the phone. The lender
will ask questions about your job and your income. They will ask where you currently live and
how long you have been there. And what assets
and debts you have. The whole process is
free and shouldn't take longer than 15-30 minutes. The time you spend with the lender is also a
great time to ask them questions and educate yourself about financing a home. Feel free to call me if I can be of service.
Jon Southwick, Mortgage Banker NMLS#
314699
Republic Mortgage Home Loans NMLS#
3148
801-628-2890
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