RE/MAX agent Yvonne Russell

Pre-qualification and Pre-approval on a Mortgage

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Pre-qualification and Pre-approval on a Mortgage

Any reputable real estate broker will "pre-qualify" you for a mortgage before you start house-hunting. This process includes analyzing your income, assets and present debt to estimate what you may be able to afford on a house purchase. Mortgage brokers, or a lender's own mortgage counselors can also calculate the same sort of informal estimate for you.

Pre-approval makes you a strong buyer, welcomed by sellers. With most other purchasers, sellers must tie the house up on a contract while waiting to see if the would-be buyer can really obtain financing. Pre-approval will also speed up the entire mortgage procedure once you've found the house you want.

Further Information:

Checking Your Credit Score
Pre-qualification and Pre-approval on a Mortgage
Becoming a Smart Home Buyer: Neighborhoods in Horizon City
Becoming a Smart Buyer: Check list of Home Requirements
Assess Your Finances: Buying vs. Renting
Assess Your Finances: Calculating the cost of homeownership
Assess Your Finances: What you can deduct
Interest Rates and How They Change
Closing Cost for Horizon City
Miscellaneous Closing Cost
Calculate Your Monthly Income
Calculate Your Monthly Debt
Amount of your Down Payment
How Much House Can I afford?

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