Why Get Pre-Qualified?
As you consider the size of home you want and the area you wish to live in, you should be pre-qualified by a lender. By getting pre-qualified before looking for a home, you’ll save yourself time, energy and frustration. When you are pre-qualified for a home loan, you:
Determine How Much Home You Can Afford – Pre-qualification helps you define the price range of home which suits your budget best. You avoid buying less home than is desired, or being disappointed when you are turned down for the home that you thought you could handle.
Lets You Know What Your Monthly Payment Will Be – You’ll understand how your monthly mortgage payment is determined, and more importantly, you’ll know what that monthly payment will be; including your monthly principal, interest, taxes and insurance (PITI).
Shows You What Your Down Payment Will Be – You’ll have a good idea of approximately how much money you’ll need on hand in order to close escrow on your new home.
Identifies The Loan Program Best For Your Situation – With the wide range of loan programs available, it’s important to know which types of loans you qualify for and which will best suit your needs.