How to make your next home purchase easier with mortgage prequalification.
The first step to home ownership is mortgage prequalification. Before you begin to search for your new home, first determine how much you can afford to pay. By taking the time to prequalify for a mortgage, you will save time, and the entire process will go smoother.
While mortgage prequalification isn’t a guarantee you will get the financing you need, it is one of the many steps in the process of home ownership. Your debt to income ratio will be determined to indicate how much of a monthly mortgage payment you can afford to pay. This will give you an idea of what price range to look at. Your credit score will determine if you qualify and also what rate you may receive.
To prequalify for a mortgage, you will need to show your current income and proof of employment, your monthly bills, and provide the necessary information for the lender to pull a credit report.
Once you have been prequalified, the lender will give you a letter stating that you have prequalified for a mortgage. It’s important to stress that becoming prequalified does not guarantee you will qualify for a mortgage.
Let the mortgage experts at Midland Mortgage Corp.
help you take the first step to owning your own home.