Everyone has visions of their dream home: how many bedrooms it will have, what type of appliances will be in the kitchen, what color to paint the walls or how to furnish the living room. But are you stuck in the dreaming phase, unsure of what to do next? One of the very first steps on the homeownership journey is pre-qualification.
What exactly does it mean to be pre-qualified for a mortgage?
Pre-qualification is a quick process examining your credit, income, assets and other expenses to determine the estimated amount you can afford to borrow. This estimate can help give you a better idea of your price range as you begin to look for houses and turn your dreams into reality.
When you get prequalified, you may request a letter stating how much you may be able to borrow, based on the information you provided to the bank. You can give this letter to your real estate agent to show you’re serious about looking for a home.
Interested in exploring your financing options? Contact that Housing Buzz team today to speak with a loan specialist!