Getting Pre-Qualified by a Bank or Mortgage Broker

Get pre-qualified for a loan first

Get pre-qualified by a reputable mortgage banker of mortgage brokerage company prior to beginning to view any homes. The mortgage company will figure out the amount of loan you would qualify for based on your income and debt ratio. When you are pre-qualified, you should receive a document stating the amount you are "pre-qualified" for.  

A pre-qualification letter IS NOT the same as a mortgage commitment

The true mortgage commitment happens after there has been an accepted purchase offer and when the terms of the financing are acceptable by the mortgage company. The mortgage company then offers a written mortgage commitment telling you the mortgage price you will be paying, if there are any conditions etc. For more info. on what to bring along when visiting the Bank or a Mortgage Broker, see our Mortgage Documents section

Other necessities prior to viewing homes

Begin previewing homes online or via e-mail attachments from our office, pre-qualification is always the first step in the process in order to avoid common pitfalls - see the "Reasons for Getting Pre-qualified" section. Also be sure to check our FICO scoring section to see how much emphasis this scoring has upon you obtaining a mortgage.