What´s a Pre-Qualification?

If you do not already know, being 'pre-Qualified' is a great place to start when you are thinking about buying a home. The 'Pre-Qualification' is based on an informal conversation, where you discuss income, assets, credit card payments and other debts with a Mortgage Loan Officer. The outcome; a general idea of what you would be able to borrow, what your payments would be under certain interest rate and payment schedules, how much you would need to pay as a down payment towards your new home and what kind of information or documentation you would need, to secure or obtain the loan(s) you are discussing. What you need to know: • This is not a conditional loan approval. • Markets change and so do lenders. • The accuracy of the 'Pre-Qualification' depends on the experience of the Loan Officer and your ability to convey information * Everytime a credit report is run, it will adversly affect your credit risk score.

Jan.12,06 12:13 PM

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