prequalification: Home Buying 101: Getting Pre-Approved
- 10/28/08 02:50 PM
In years past, it has been recommended that buyers get "pre-qualified" by a lender for a mortgage loan. This usually means that you spend a few minutes on the phone giving financial information to a lender so you can find out your maximum mortgage amount. Getting pre-qualified is helpful because you know the price range of homes you can afford. However, the process doesn't guarantee that your mortgage application will be accepted and unknown problems often surface after you have made an offer on a house. If you want to be in the strongest negotiating position possible, get PRE-APPROVED! This happens when you provide the same paperwork … (0 comments)
In years past, it has been recommended that buyers get "pre-qualified" by a lender for a mortgage loan. This usually means that you spend a few minutes on the phone giving financial information to a lender so you can find out your maximum mortgage amount. Getting pre-qualified is helpful because you know the price range of homes you can afford. However, the process doesn't guarantee that your mortgage application will be accepted and unknown problems often surface after you have made an offer on a house.
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