How do I get Prequalified Mortgage
Getting Pre-Qualified for a mortgage is the first and most important step in the homebuying process. In this article, we will explain the 5 simple steps on how you can get pre-qualified for a mortgage in as little as 3 minutes online. In addition, we will show you how to identify the lowest cost mortgage loan at the same time.
The process of getting pre-qualified for a mortgage online is relatively simple when you follow these 5 steps. When you complete these five steps, you will be pre-qualified with the lowest rate and fee mortgage in our marketplace.
How to get Pre-qualified for a Mortgage?
To get pre-qualified for a mortgage, you will need to be prepared to provide some basic information to the online lender or over the phone. In order to determine your eligibility mortgage lenders will need to know your credit score, annual income, and and list of debt payments that you have.
Once you submit this information, the lender will then verify eligibility to ensure you meet the guidelines of mortgage lending.
Note: 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: Prepare a list of income, debts, and credit rating info
- Submit Online Application: Complete the online mortgage application
- Review Loan Options: Compare real mortgage loan offers online
- Select Loan Option: Select the lowest rate and fee mortgage loan
- Review Pre-Qual Letter: Review Loan Estimates, Closing Disclosures
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
Benefits of getting pre-qualified before getting pre-approved:
- Compare mortgage offers: Find the lowest rate and fee mortgage loan before requesting a mortgage pre-approval
- Predetermine eligibility: Down payment requirements, estimated monthly payments, and eligible purchase price
Required information to get prequalified:
To get prequalified, you will have to submit some basic information to the lender in order for the lender to issue a prequalification. 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.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
What are the minimum requirements to get prequalified:
- 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
Where to get pre-qualified for a home loan and why it matters.
When you get pre-qualified for a home loan using EquiFund Mortgage you will be able to shop and compare several loan offers at the same time. This time saving mortgage app will identify the lowest rate and fee mortgage loan while generating a mortgage prequalification letter.
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 prequalification and mortgage preapproval service that only takes 3 minutes to get a prequalified letter.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
Benefits of getting prequalified 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
6 Steps From Prequalification, Pre-Approval, to Final Approval to buy a home
- Get Pre-Qualified: Find the lowest cost mortgage 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.
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.
Final Thoughts
In today's age of computing, getting pre-qualified for a mortgage loan online by our online mortgage app that identifies the lowest cost mortgage loan will save you a lot of time and money.
The pre-qualification process gives you the homebuyer the ability to shop and compare mortgage loans in less time and without having to commit to any certain lender. When you find the best loan online, you can then request a mortgage pre-approval by uploading your income and asset documents.
Within just a few minutes, curious homebuyers can get prequalified online, and start the same day mortgage pre-approval process all within one user session.
