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Get
Qualified
Getting
qualified before you apply for a loan can
help you understand how much you can borrow.
When
buying a house, you may get pre-qualified
or pre-approved. You can typically get pre-qualified
over the phone or on the Internet in a few
minutes. A pre-qualification is not as beneficial
as a pre-approval where you have to go through
a more rigorous process which includes verification
of your credit, income, assets and liabilities.
It is highly recommended that you get pre-approved
before you start looking for a house.
This
will help you:
- Find
out the maximum house you can buy, so
you don't waste time looking for properties
you can not afford.
- Puts
you in a stronger position when you are
negotiating with the seller, because the
seller knows that your loan is already
approved.
- Helps
you close quickly, since your loan is
already approved.
Go to Step 3
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