How Do I Pre-Qualify For A Mortgage Loan?

By Stacy Williams

How do I pre-qualify for a mortgage loan? Read here for tips in how to properly pre-qualify for a mortgage!

For anyone looking to purchase a home, one of the most important aspects of the process is being approved for financing. To ensure you are able to get financing after you find a home, it is always a good idea to go through the following process and pre-qualify for a mortgage.

Find a Lender

The first step in how to pre-qualify for a mortgage loan is to find a mortgage lender. The best way to find a mortgage lender is to get referrals from friends and family members who have done business with a lender in the past. Be sure to select a lender who can provide a written pre-qualification letter.

Provide Financial Information

The next step in how to pre-qualify for a mortgage loan is to gather all of your financial information and provide it to a lender. Information that a lender will need will be your total gross monthly income, amount of your down payment, your total monthly expenses including car loans, credit card payments, and other loan payments, and a credit score estimate. Since this is a pre-qualification, not all of the information provided will be verified by the lender.

Receive a Pre-Qualification Bid

The last step in how to pre-qualify for a mortgage loan is to receive a pre-qualification bid. After reviewing all of your reported financial information, a lender will be able to determine what mortgage amount you qualify for as well as what interest rate they could charge. Once the lender gives you a bid, be sure to get written confirmation from the lender because many home sellers and realtors will want to verify that you have received at least a mortgage pre-qualification.

How Do I Pre-Qualify For A Mortgage Loan?

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