These articles contain general educational material and are not intended to give financial or other professional advice. If expert advice is required, please seek the services of a qualified professional.
Most Real Estate Agents and Lenders recommend that homebuyers get
pre-qualified with a lender before selecting a home to purchase. This
way you will have the best information about the right price range for
your pocketbook.
With pre-qualification, you can determine which loan program best fits your needs and which programs you qualify for
You will know exactly how much you are qualified for. It’s no fun to find your ‘ideal home’ and then find out you can’t afford it.
Your approximate monthly payment will be given to you. This will allow you to budget your money before making this large investment.
It shows you approximately what the down payment and closing costs will be.
If you are a first-time buyer, you may be able to qualify for a special first-time buyer program which may allow you to afford more home for your money.
If you feel you would like and can afford a higher mortgage payment, but are not able to meet qualifications, co-mortgagor financing may be made available to you.
