Experience the Power of Mortgage Prequalification
Planning to buy a home soon? Get off on the right foot by getting prequalified for a mortgage. You’ll have a better idea of what you are able to borrow for your home purchase, and you’ll be better prepared as you look for a new home.
Why should I get prequalified for a mortgage?
- You’ll save time and effort shopping for a home within your budget.
- You’ll receive information that’ll help you decide what type of mortgage is right for you.
- Sellers will see you as a serious buyer.
- You’ll have bargaining power over someone who isn’t prequalified when bidding for a home you want.
What documents are recommended for prequalification?
For a lender to prequalify you for your mortgage, they will review your application and credit report. Additional documents which may help your lender with the prequalification process include:
- Proof of employment and income
- Tax documents like Tax Returns and W-2 Forms
- Statements for your checking, savings and retirement accounts, as well as other investments you may have
- Monthly debt payments including auto loans, student loans and credit cards
- Information about any other assets you may own
Ask your lender for a complete list of documents you’ll need to provide according to your specific situation.
What happens after I get prequalified?
Once you’re prequalified, you may ask the lender to prepare you a letter indicating the amount in which you have prequalified. You should share with your real-estate agent. This letter gives you the bargaining power of a serious home buyer.