It can be hard to understand how much you can afford to pay for a home. Today we will tell you what it takes to get prequalified in less than 15 minutes so you know what you can afford without hurting your credit score!
How to get prequalified for a home loan
The first step is to find a mortgage broker who can compare the best lender deals for you. The mortgage rates they’re advertising will be the first thing to catch your attention but don’t focus solely on that.
The APR, or annual percentage rate, is an illustration of both the mortgage rate as well as fees charged on a mortgage loan and is a better indicator of the total cost. To prequalify for a mortgage, you’ll need to provide the lender with basic information about your income, credit rating, debt load and how much of a down payment you can make. You do not have to provide any documentation as this is just a description of you financial situation that will allow your mortgage broker to give you an estimate of how much you could borrow and what sort of rate to expect. That’s what prequalifying is – an estimate of how much you could borrow.
Keep in mind that you want to be as accurate as possible with the information you provide. It doesn’t do you any good to exaggerate your income or credit score or minimize your debt load. At the end of the day this information must match at the time of purchase for you to get a loan close to the prequalification estimate.
You can get prequalified in 15 minutes or less at Mortgages Done Right for NO COST or impact to your credit score. Our friendly brokers are here to help you make the process of buying your dream home an easy and memorable experience, give us a call at (561) 777-7622