Pre-Qualification is a simple process that only takes minutes over the phone. Most sellers require pre-qualification letters with offers. Your lender can tell you what price range you are approved for, and what your monthly payment will be. This is a very easy process that is sometimes overthought by a potential buyer. Once you know your ideal price range and payments, you’ll know what price you’re comfortable in purchasing.

Pre-Qualification…How Much Can I Afford?

When you are ready to begin looking at various houses to find your dream home, you need to prepare all of the necessary materials to present to the lender. Your lender will tell you exactly what you can afford so that you do not spend time looking at “too much” home. There are three key factors that you will need to consider when determining how much home you can afford. These are 1.) the down payment, 2.) Your ability to qualify for a mortgage, and 3.) The closing costs associated with your transaction. (more…)