Everything You Need to Know About

Mortgage Prequalification

If you're thinking of buying a home in Central Ohio, your first step should be getting prequalified. Why? Simply put, because it's good to know (for certain) how much a bank is willing to lend you. You might have an idea of a monthly mortgage payment you can afford... but the bank might think differently. It's better to know what you're working with ahead of time!

Here's what you need to know about getting prequalified for a loan.

What is Mortgage Prequalification??

Simply put, getting prequalified for a mortgage means that you have a lender review your finances and give you a (soft) approval for a certain loan amount. During this process, the lender will collect some financial information from you (like income, assets, and debts) and let you know what loan options are available to you. They can also estimate your monthly payments based on different home prices, interest rates, and down payment amounts.

During the prequalification process, you'll find out:

  • Exactly how much home or land you can afford.
  • How much cash you'll need for the down payment.
  • The minimum down payment required and advantages of higher down payments.
  • What the bank feels you can afford for a monthly payment.
  • What loan options are available to you.

How to Get Prequalified

Getting prequalified is actually easier than you'd think. All you need is your phone, a few minutes, and some basic financial information!

Get recommendations

Need a lender? Ask friends, relatives, or other people in the area you know who've recently bought homes. Your Realtor is another great person to ask for a recommendation. And it's always a good idea to check with your current banks or credit unions to see what they can offer you.

Make some calls

Got a list of potential lenders? It's time to make some calls! A ten-minute phone call is all it takes to learn more about your loan options, the rates and services offered by that particular lender, and what they'll need to get prequalified. The lender might even give you some estimates over the phone.

Submit paperwork

The lenders you speak with will likely require you to submit some paperwork so they can take a closer look at your finances and tell you exactly how much loan you qualify for. Note: this doesn't obligate you to work with any particular lender, and you can get prequalified by more than one lender at a time.

I Help Buyers Prequalify for Mortgages Everyday

Feeling a little overwhelmed by the whole prequalification or mortgage process? I help new buyers find lenders and get prequalified for loans on a daily basis, so I'm ready and able to help any time! All you've got to do is give me a call... or fill out the form below to let me know the best way to contact you.

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Just complete the form below so I can contact you!

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