Mortgage Prequalification Calculator
What does a mortgage pre-qualification calculator do?
A mortgage pre-qualification calculator is an online tool that estimates how much money a lender may be willing to loan you for a mortgage based on information you provide, such as your income, debts, credit score, and down payment amount.
This same mortgage qualification calculator also performs as a mortgage affordability calculator. You will be provided with information to estimate your potential borrowing capacity, which can help you determine your homebuying budget and understand what homes you can afford.
Keep in mind that pre-qualification is not a mortgage pre-approval for a mortgage loan, but rather an initial assessment of your potential borrowing power.
1. Verifies your minimum down payment
2. Identify eligible Home Loan Programs and products
3. Pre-determines Eligibity for a mortgage preapproval
4. Qualify with multiple lenders to identify lowest interest rate loan program
5. Computes Mortgage Payment with monthly mortgage insurance
6. Calculates closing costs, escrows and cash to close.
What information will a mortgage pre-qualification calculator display?
EquiFund's mortgage pre-qualification calculator will use current mortgage rates, and underwriting guidelines to determine basic loan eligibility and provide you with detailed monthly mortgage payment, interest rates, closing costs and down payment information within 3 minutes of use.
EquiFund's mortgage calculator will provide real interest rate loan quotes and compute any monthly mortgage insurance, property taxes and homeowners insurance premiums in under 3 minutes.
Information displayed on our calculators:
-
Interest Rates: Calculator identifies lowest available interest rates from multiple lenders
-
Down Payment: Identifies the down payment requirements for all loan programs
-
Total Monthly Payment: See the total monthly payments and includes mortgage insurance
-
Total Closing Cost: You will see real closing cost based on each loan program you are pre-qualified for.
-
Annual Percentage Rate: Our calculators return a list of loan options sorted by lowest APR
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
What is a mortgage pre-qualification vs. mortgage pre-approval?
A mortgage pre-qualification will use the verbal or text information that you provide to determine your basic eligibility matched to loan program underwriting guidelines.
A mortgage pre-approval will use a soft or hard credit inquiry and review your income and asset documents to determine loan pre-approval, which is known as a verified mortgage pre-approval.
Should I use a pre-qualified mortgage calculator or get pre-approved?
First, you should use a mortgage pre-qualification calculator to determine your basic eligibility. The pre-qual calculator will provide you with relevant information that will empower you by understanding estimated monthly payments, eligible loan amounts and down payment requirements.
Second, after you have used the mortgage pre-qualification calculator, and you are comfortable with the eligible loan options, monthly payments and down payment requirements, then we recommend that you obtain a verified mortgage pre-approval by using an online mortgage preapproval system that offers multiple mortgage lender pre-approvals.
This article, "The differences between a mortgage pre-approval vs. a mortgage pre-qualification" will help clarify the main difference between the two.
How to use the pre-qualification calculator?
To use the mortgage pre-qualification calculator, you just need to answer some simple questions online. The basic questions are related to your annual income, monthly debts, credit score, and down payment amount. The calculator will then estimate how much you may be able to borrow for a mortgage, based on that information and send you a prequalify letter.
These calculators only take about 3 minutes from start to finish, and you will get a good estimation of eligibility for your next home loan.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
How does a pre-qualification calculation work?
The pre-qualification calculator uses current mortgage rates from multiple lenders along with each mortgage lender's loan program underwriting guidelines for FHA, VA, USDA, Conventional and Jumbo loan types.
When a user answers the 2-3 minute online application questions, the calculator will then identify each eligible loan program and return all eligible loan options.
Does a pre-qualification calculator affect your credit score?
No, prequalification calculators will use your self-reported information or make a soft inquiry credit pull which does not affect your credit score.
How to increase your pre-qualification amount?
To increase your pre-qualification amount, you can try to improve your credit score, pay down debt, and increase your income. You can also consider a larger down payment or finding a co-borrower to increase your overall borrowing power.
How to increase your pre-qualification loan amount by getting a lower interest rate?
To get the most from your pre-qualification loan limit, you should shop around for the best mortgage rates and terms. You can also consider a shorter loan term, which can lower your interest rate and overall cost of the mortgage.
No credit pulls, spam calls or emails. Just stupid low rates.
Get Pre-Qualified or Try the Mortgage Calculator.
How long does it take to get pre-qualified for a mortgage?
The pre-qualification process typically takes a few minutes to complete online or over the phone, but the lender may take a few days to review your information and provide an estimate of how much you can borrow.
