As a real estate agent, mortgages are second-nature to you. You understand how they work intuitively. If your client understands that a prequalification isn’t a guarantee of financing, you’ll run.
How Does Pre-Qualification Work? Although you’re not required to pre-qualify for a home loan, it is a simple step and can generally be completed in one phone call to your Loan Officer. Here’s what will happen when you decide to pre-qualify: Contact one of our Gateway Loan Officers.
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5 Things You Need to Be Pre-approved for a Mortgage. A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more.
Preapproval is a tentative first step in which a lender or mortgage broker tells you how big a mortgage you may qualify for. It’s tentative because it isn’t thorough and the amount isn’t guaranteed. Some brokers may take your income and asset information and do very little to verify the figures.
The mortgage process can seem overwhelming. You’re probably asking yourself, "do I need a mortgage preapproval or a mortgage prequalification? And what the heck is the difference?" To find out the winner in the mortgage preapproval vs prequalification debate, keep reading. Everyone knows that.
The main thing to do before applying for a mortgage is therefore to work out whether you can afford it. The Money Advice.
Getting prequalified 1 for a mortgage gives you an idea of what your loan program and the amount you could borrow might look like in advance. This can give you a big advantage at different stages of your house hunt, from helping you prepare your budget and set your expectations,