Q & A: What is Pre-Qualification?
A pre-qualification is an initial evaluation of a borrower’s potential buying power.
It is a simple and quick process that can be done over the phone or in person with a loan officer. The loan officer will need to know your employment history for the past two years, your income and asset information and the amount of your current monthly debt. You will also be asked about your general credit. Based on this information your loan officer will calculate what your potential buying power is. You will be given an estimated payment amount and a purchase price range of what you can afford to purchase. It is important to remember that the pre-qualification amount is not a guaranteed amount that you would receive if you actually applied for a mortgage. The pre-qualification process does not include accessing your credit report or scores. This information will help you determine if you would like to move forward with the pre-approval process.
If you decide you would like to move forward in order to purchase a home you would need to go through the pre-approval process in order to make an offer on a potential property that you are interested in.
Call or email me today to go over any and all of your home financing needs.
“Your Personal Lender for Life.”
952-278-8717 or 612-867-9071
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