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3 Ways to Improve Your Chances for Mortgage Pre-Qualification

3 Ways to Improve Your Chances for Mortgage Pre-Qualification

Pre-qualification answers the ultimate question - can you afford a new home?

Mortgage Pre-qualification

Why do the smartest homebuyers go for pre-qualification first? Because financing a new home is a process full of uncertainties and questions. Many prospective buyers are unaware of their financial standing and thus the loan process is even more stressful. They're left wondering, "Will I qualify for a home loan or not?"

Mortgage pre-qualification is a good way to eliminate the majority of these unnecessary fears before you get too far into the house hunting process. A prequalification assesses your financial profile and provides feedback concerning your eligibility for a mortgage. Some tips to help you do it right:

  1. Provide Accurate Information.

    The more complete your financial profile is, the better chance you have of getting a helpful pre-qualification assessment. This isn't the kind of test you can cheat on - if you don't qualify for a loan, you will be wasting your time by pursuing one.
  2. Know the Order of Operations.

    Get your ducks in a row. Qualifying for and securing a mortgage is an extremely linear process. Pre-qualification is the first in a series of steps that you will need to take for successful mortgage approval. Make sure you treat your pre-qualification process as the beginning of a journey that will require paperwork aplenty and attention to detail.
  3. Keep a Level Head.

    Although pre-qualification is generally a helpful source of feedback, remember it has very little bearing on determining the actual loan you will end up getting. So don't stress if you don't land in the ballpark you were expecting. There are resources available for improving your financial standing, and you can use the pre-qualification as a springboard.

For more information about mortgage pre-qualification, call Midland Mortgage Corp. at 803-765-1680, or toll-free at 800-854-9484.

Posted Jan 01, 2015 by Midland Mortgage Corporation