Why Is Home Loan Pre-Qualification Useful?
If you are considering purchasing a property, it will work to your advantage to be pre-qualified. In fact, we require anyone interested in buying one of our properties to prequalify with us. We do this to establish you as a financially capable buyer up front. However, you are not required to obtain a loan from us to buy a REO. It is also a good idea to pre-qualify, even if you are not buying one of our properties to help you determine the type of mortgage you might qualify in advance of submitting your actual mortgage application. With this information in hand, you can better plan and prepare financially for meeting your home ownership goals, and you’ll have a better sense of what size monthly mortgage payment you can afford. Having this knowledge is essential when determining your budget, which will aid you in your home search.
How Does Pre-Qualification Work?
If you prequalify with us, we will ask you to provide us with a picture of your financial situation (debt, income and assets) and we will use that information to give you an idea of what size mortgage you may qualify for. It’s that simple. While pre-qualification is different from submitting a full mortgage application and doesn't guarantee you will be approved for a loan, it is an immensely useful tool in the home buying preparation process.
Get Pre-Qualified for a Mortgage from Fay Today
We’ll provide you with a pre-qualification and consultation AT NO COST to determine how much you can afford and identify the mortgage program that best meets your needs. It’s the first step in the mortgage application process.