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Pre-Qualify
Before You Buy |
| Before
you begin searching for a new home, you need to determine
how much of a home you can afford to purchase. You may
be able to afford more or even less than you think due
to what the lender is willing to loan you based on your
income and the amount of down payment you have. By getting
pre-qualified before looking for a home, you will save
yourself time, energy, and frustration because pre-qualification
will: |
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Determine
How Much Home You Can Afford |
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Pre-qualification helps
you avoid buying less home than you can afford
or being
disappointed if you don't qualify for as much as you'd
hoped. |
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Shows You
What Your Down Payment Will Be |
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You'll know approximately
how much money you'll need for down payment and closing
costs. |
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Lets You
Know What Your Monthly Payment Will Be |
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You will have a general
idea of what your monthly principal, interest, taxes,
and insurance payment will be. |
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Identifies
The Loan Programs You Qualify For |
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With the wide variety
of loan programs available, it's important to
know
which types you qualify for and which will best suit
your needs. |
At
this point, the lender can also help you determine
alternatives and strategies that could help you buy
the home of your dreams.
These may include: |
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Special
First-Time homebuyer Programs |
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Co-Mortgagor Financing |
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Low Down Payment
Programs |
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Debt Consolidation
Assistance |
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order to pre-qualify you, the lender will need to know
the following: |
1: |
Your
Employment History and Income |
2: |
Your
Monthly Debts and Obligations |
3: |
The
Amount and Source of Cash Available
for Down Payment and Closing Costs |
| After
a brief phone discussion during which the loan officer
will ask you some general questions about your income,
debts, and assets, they will be able to pre-qualify
you by phone. An advantage of being pre-qualified is
that some sellers may be more likely to accept your
contract because they know you are qualified to buy
their home. |
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