Getting mortgage prequalification before you fall head over heels over your dream house is a very simple process. The mortgage lender asks you to supply them with your complete financial portfolio – debts, income and assets.
When this information is processed the lender will give you an idea of how much you are qualified for. This process is usually informal and can be done right over the phone, or internet. The process is usually free and is a test run of the initial application. A prequalification is a review of what to expect from the preapproval.
Being preapproved is a little more technical than being prequalified. This process requires a fee, filling out a complete loan application and an extensive check on your financial status. The preapproval will let you know how much you can borrow, what the interest rate of the mortgage will be and be your back up when you approach sellers to make an offer for a home. Sellers are more apt to accept offers when you are preapproved.
Mortgage prequalification is a good way to shop around for getting a mortgage with stipulations that are right for you. If you are interested in a mortgage and want additional information, please visit www.midlandmortgagecorp.com/mortgage-applications/overview. A representative will be available to help you.