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Before you start looking at homes, you need to know what you can afford. You can do some simple calculations on your own. There are many different factors involved, including your own financial situation and variations in the qualification guidelines for the different types of mortgages. Therefore the easiest way to determine how large a mortgage you can qualify for is to talk to a lender and get pre-qualified for a mortgage. He can help you determine your mortgage power and see whether you can be pre-qualified. Lenders can also help you select the loan program that is best for you.
During the mortgage pre-qualification process the lender analyses your financial situation applying basic underwriting standards.
Please, fill out our mortgage pre-qualification application and find out if you're likely to qualify for the loan you want.
 Get
pre-qualified now
Keep in mind that pre-qualifying for a mortgage only gives you a general idea about your borrowing power. If you have already started looking for a home or are working with a Realtor, you'll need to get pre-approved. A pre-approval is a lender's firm commitment on a loan. This lets you to enter into negotiations with the seller with confidence.
What is the difference between these two buyer tools:
What is the difference between pre-qualifying for a mortgage and to get pre-approved for a mortgage?
Pre-qualification |
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Pre-approval |
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The mortgage pre-qualification provides an estimate of your borrowing power.
The mortgage pre-qualification is based on summary information you provide on your income and assets.
The mortgage pre-qualification requires satisfactory review of property, financial documents and program requirements to issue final approval.
Get pre-qualified now! |
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The mortgage pre-approval provides
proof to real estate agents and sellers that you're approved
for a specific loan amount.
The mortgage pre-approval is based on a verification of your income, credit and assets.
The mortgage pre-approval requires a satisfactory review of property and no change in financial condition for final approval
Get pre-approved now!
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