Why Get Pre-Qualified?

1. Pre-qualification is a Must First Step if you want to purchase a home and do not have cash. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few days at most, and is free.

2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness and your ability to purchase their home.

3. Most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.

4.  This is the First Step.  Talk to your Realtor and get with a lender to get this done.  This is one of the most important processes that needs to be done prior to looking at homes.