The home loan process in of itself is one thing, but getting pre-qualified for your loan is another thing. Home loan pre-qualification can seem like a tricky scenario, but don’t let it scare you. In this blog entry, we’ll show you the steps needed to help you get prepared for pre-qualification!
The first thing to check off the list is checking your credit. Without a credit score, you won’t be able to get pre-qualified for a loan, let alone approved for one. There’s plenty of free online resources available that allow you to check your credit score, so don’t hesitate to look around. Next up is communicating with a loan originator. Loan originators are in charge of your mortgage file from start to finish, providing you with the needed information disclosures regarding your mortgage. They’ll also be able to tell you what info or documents you must provide from your end for your file. After securing a loan originator, you’ll want to find a lender that can help you with your loans, along with other service issues. Then you’ll apply online, receive, and then submit your pre-qualification letter, which will be looked over by your real estate agent.
And just like that, you’ll have yourself prepped for loan pre-qualification! We hope that these steps helped you understand a bit more about the home loan process. If you’re looking to take the next step towards home-ownership, the expert brokers at Mortgages Done Right can lend a hand. Call us today to learn more about our services and how we can help you.