Why Get Pre-Qualified?
1. A Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
2. A Preapproval Letter serves as a good indication to potential sellers that you qualify to buy their home, and buyers typically provide this letter as proof of their qualifications with their Offer to a Seller.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.