First time homebuyers always have a lot of questions about how to simplify the process of getting qualified for a home loan. Getting pre-qualified does not mean you will be approved for the loan in question; pre-qualification is just an assessment of what kind of mortgage you could afford based on your financial profile. It’s an invaluable resource for first-time applicants because it gives them an accurate idea of what loans they should focus on.
Knowing what you can afford will save time and money in the long run as you start to seriously browse the housing market. Mortgage pre-qualification doesn’t take any real preparation on the part of the applicant. Choose a lender to work with and let them evaluate your finances. Once this process is complete, you are free to move forward with the next phase of the application process.
Complete honesty is absolutely essential when submitting information for mortgage pre-qualification. To get the most accurate assessment, you have to be forthcoming about your financial history, including employment and credit reports. Working with a lender that you trust will make the process much simpler.
To talk to a mortgage lending professional for more information, call 803-765-1680 or toll free at 800-854-9484.