Pre-Qualify for a home Loan

There are several factors as to why you should Pre-Qualify for a home loan, and we will discuss them here.

Unless you are buying a home cash, then you will most likely require a home loan or mortgage.

Hopefully by now you have talked to a few mortgage brokers or lender and chosen one that best suits your situation, provides the best loan for your financial status and is not going to charge you too much.

All Lenders are required to provide you with a Good faith estimate prior to you applying for a mortgage with them. This will give you an idea (it's just an estimate) of how much it's going to cost you to buy this home.

Getting "pre-qualified" really does not mean much to the sellers, it basically just means that a Lender has reviewed your financial status and said they might be able to provide you a loan once everything is verified and they have collected all your financial information.

What this pre-qualification does, it provide you with a good idea of how much you can afford to spend on your homes purchase, and how much it's going to cost to close on the home. But these are very important number!

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