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Take Advantage of Loan Pre-Qualification
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The Advantages |
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Know how much house you can afford. |
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Know how much cash you will need for the down payment. |
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Simplifies pre-approval. | | |
A number of factors determine the price range of homes you'll want to preview - one of these factors is loan pre-qualification.
Items considered when pre-qualifying for a mortgage loan include:
- Employment History
- Credit History and Scores
- Monthly Income and Expenses
- Documentation
There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit Loans. Find the best loan for your situation.
Now is the time to shop for a loan originator. Find one who your comfortable with and will take the time to sit down and answer your questions. During the interview they may ask you personal question and start a loan application. Besure to tell them you need to get pre-qualified and ask for a letter of qualification you can use when making an offer on a home.
Remove any negative credit reporting issues. When you get pre-qualified a credit check may reveal a bad credit mark. Now is the time to improve your credit score and correct any problems that may prevent you from getting a mortgage loan. | 
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