Most potential homeowners are aware that the process for application, qualification, and approval of mortgages is complex. All these components are involved with getting a house, but they can be simplified with proper planning and realistic goals. Better yet, they can be simplified by going through the prequalification process.
While the mortgage prequalification process won’t happen overnight, it can be simplified with an appropriate timetable and budgeting of realistic goals.
Know that assembling your mortgage application can take several days. You’ll need to organize information pertaining to your credit history, income, assets, and liabilities.
Being prequalified is one of the best ways to make sure you aren’t wasting your time applying for a loan that you won’t be awarded. If you don’t have the credit to support you applications, prequalification is a good way to root out unrealistic goals.
Getting prequalified will give you a more accurate idea of what your loan candidacy look like. Even if you do qualify for a loan, don’t get in over your head. Stick to a realistic timetable and remember your budget isn’t flexible. Be consistent with what you can manage and set limits for yourself.
For more information call 803-765-1680 and toll–free 800-854-9484.