Can I get Prequalified Mortgage
Yes, you can prequalify for a mortgage if you meet the minimum underwriting guidelines for loan approval.
In this article, we will explain why getting pre-qualified is the most important step in the home buying process. In addition, we will explain the requirements to prequalify and how and where to get pre-qualified in under 3 minutes.
How you can get Pre-qualified for a Mortgage in 5 steps?
Getting an informal pre-qualified approval before you request a formal pre-approval is the most important step in the homebuying process.
A pre-qualification is an informal step that normally does not require a credit inquiry or the submission of your income and asset documents.
5 Steps to get a Mortgage Pre-Qualification
- Gather your Information: List out monthly debts, annual gross income, and credit ratings
- Submit Online Application: Complete the Online Mortgage Pre-Qualification App
- Review Loan Options: Review Pre-Qualified loan options to identify the lowest rate and fee home loan
- Select Loan Option: Select the loan that best fits your budget
- Review Pre-Qual Letter: Verify receipt of an emailed mortgage pre-approval letter.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
Required information to get mortgage pre-qualified:
To get pre-qualified for a mortgage, you will have to submit some basic information to the lender in order for the lender to issue a pre-qualification. Below is a list of information you will need to provide:
- Estimated annual gross income
- Estimated credit score, and 12 month late payment history
- Dates of any foreclosures or bankruptcies
- Checking and savings account balances
- Sum of monthly bills like credit cards, auto loans, student loans etc.
What are the minimum requirements to get pre-qualified for a home loan:
- Credit score: 580
- Down payment: 3-3.5%
- No 30-day lates in last 12 months for rent or mortgage payments
- No bankruptcy in last 2 years
- No foreclosure in last 4 years
Benefits of getting pre-qualified before getting pre-approved:
- Compare mortgage offers: Find the lowest rate and fee mortgage loan
- Predetermine eligibility: Down payment requirements, estimated monthly payments, and eligible purchase price
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
Where to get pre-qualified and why it matters.
Getting pre-qualified for a home loan gives you the ability to shop and compare several loan offers at the same time.
The difference between an "Ok" rate mortgage and the lowest rate mortgage is equal to 10 percent more purchase power for the same payment as an "ok" rate loan.
EquiFund offers an online mortgage pre-qualification and mortgage pre-approval service that only takes 3 minutes to get a pre-qualified letter.
Benefits of getting pre-qualified at EquiFund Mortgage:
- Compare multiple lenders prequalified loan offers
- Ease of use: simplified user interface and fast results
- Advance to Pre-Approval: Simply upload income and asset documents to get same-day pre-approvals
- Identifies and secures the lowest interest rate and fee mortgage loan in our marketplace
What is the difference between a mortgage pre-qualification and pre-approval?
A mortgage pre-qualification vs. a mortgage pre-approval, is an informal review of your self reported information to verify eligibility. A mortgage pre-approval requires a soft pull or hard pull credit inquiry along with the submission and review of your income and asset documents.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
6 Steps From Pre-Qualification, Pre-Approval, to Final Approval to buy a home
- Get Pre-Qualified: Find the best loan, verify eligibility
- Get Pre-Approved: Submit income, asset documents
- Home Sales Contract: Get a signed sales contract to purchase home.
- Final Approval: Satisfy all underwriting conditions
- Schedule Closing: Review Loan Estimates, Closing Disclosures
- Attend Closing: Bring Cashiers check for down payment and closing costs.
Final Thoughts
Can you prequalify for a mortgage? Yes, and it is one of the most important steps in the home buying process. Prequalification's give homebuyers the ability to shop and compare loan offers before committing to any specific lender.
When you use the power of automation to instantly identify the lowest rate and fee loan while getting pre-qualified for a mortgage you will be able to lower the overall cost of purchasing a home.
Within just a few minutes, curious homebuyers can get pre-qualified online, and start the same day mortgage pre-approval process all within one user session.
