Before looking at homes, you need to determine the affordable monthly mortgage payment that fits your budget and lifestyle. This will help determine the price range for your home search as well as the funds needed to complete the purchase.

A Pre-Qualification can be done face to face, over the phone, or on the internet.   Be prepared to provide the Loan Officer with permission to run your credit, information on your income, debts and funds available to you for this purchase. The Loan officer may request supporting documents such as paystubs, W2’s, Tax Returns, Bank Statements, etc. for verification of the information you provided.  It may take a few days before you actually get the Pre-Qualification/Pre-Approval Letter and it is usually good for 60 – 90 days. A Pre-Qualification is helpful but not a guarantee of getting a loan. Any changes to income or expenses can void the Pre-Qualification.

Once you receive your Pre-Approval, you are ready to move on to Step 2.